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Japan’s U-Shin to Buy Valeo Locks Unit
Valeo SA has agreed to sell its locks and latches business to Japanese supplier U-Shin Ltd. in a deal that values the unit at €223 million ($290 million).
The companies expect to complete the sale by March 31, pending regulatory approval.
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Valeo SA has agreed to sell its locks and latches business to Japanese supplier U-Shin Ltd. in a deal that values the unit at €223 million ($290 million).
The companies expect to complete the sale by March 31, pending regulatory approval.
The Valeo unit, which makes lock sets, steering column locks, handles and latches, is expected to generate sales of €580 million this year. The business has about 4,500 employees and operates 12 plants in Europe and South America.
Valeo has said it is divesting non-core businesses to focus on expansion in Asia and technology that reduces carbon dioxide emissions.
U-Shin supplies locks, latches, handles, sensors and heating control panels for autos. The company also makes mechanical and electrical systems for industrial equipment and home security.
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