Electronics Production |
Valeo creates its first joint venture in Russia
Valeo has signed an agreement for the creation of a joint venture for the production of HVAC systems with Itelma, a Russian supplier of automotive systems to Russian automakers. The new company, Valeo Climate Control Tomilino LLC, will be 95% owned by Valeo and 5% by Itelma.
Located in Tomilino (10 km from Moscow), the joint venture will develop, produce and sell Valeo Climate Control products and systems, including HVAC modules for passenger cars.
Thierry Morin, Valeo Chairman and CEO, said: “This joint venture is our first step in our growth strategy for Russia, where local production is growing by 20% a year and is expected to reach 4 million vehicles by 2015. We are entering the market at an appropriate time as global automakers ramp up production in the country.”
Alexander Postnikov, Itelma Chairman, said: “Itelma is pleased to announce this joint venture with Valeo. We are sure that Itelma’s solid position in the Russian automotive market and Valeo’s technology will enable us to serve our traditional and new OEM customers.”
