Gasgoo News According to Reuters, French auto parts manufacturer Valeo announced on November 30 that Japan's U-Shin has agreed to acquire the Valeo Group's Access Mechanisms Business
U-Shin has reached an agreement with the latter on the acquisition of Valeo ’s auto authorization mechanism business. The transaction involves an amount of 223 million euros (about 290 million US dollars). The transaction has yet to be approved by competition regulators. It is expected to be completed by March 31, 2013.
The main products of Valeo's auto authorization mechanism business include car door locks, steering wheel locks, door handles and door latches. The business covers Europe and South America; the business department has a total of 12 factories and employs 4,500 employees. It is expected that this year Annual sales will reach 580 million euros (about 750 million US dollars).
U-Shin is one of Asia's largest auto access mechanism system manufacturers. By acquiring Valeo's auto access mechanism business, it will enter the global market with customers in Asia, Europe and South America.
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