Valeo Security Systems Creates Joint Venture in India With Minda
Paris (ots/PRNewswire)
Valeo announced today that its Security Systems Branch has created a 50/50 joint venture with A.K. Minda Group, a leading manufacturer of automotive security systems in India.
Located in Pune near Mumbai, the new company, Valeo Minda Security Systems, will develop, produce and sell Valeo Security Systems products including locksets, steering column locks, latches, strikers, handles, engine immobilizers and remote keyless entry systems. The joint venture will integrate the existing four-wheel drive security systems division of Minda and is expected to reach around 50 million euros in annual sales in 2010.
Thierry Morin, Valeo Chairman & CEO, said, "India is growing and modernizing at a rapid pace, creating great opportunities for global and local car makers as well as automotive suppliers. Valeo already operates two joint ventures in India and will continue to expand its presence in the country."
Ashok Minda, Minda Group Chairman said, "Combining Minda Group's strong customer relationship and long experience with Indian car makers together with Valeo's technology solutions and industrial excellence, will deliver considerable value to customers."
A.K. Minda Group is one of the leading manufacturers of automotive security systems in India. The Group has 18 plants in India and overseas including Indonesia, Germany, one office in Japan and a logistic center in the Netherlands. The AK Minda Group today has a turnover of 5,500 million Indian rupees (over 100 million euros).
Valeo is an independent industrial group dedicated to the design, production and sale of components, integrated systems and modules for cars and trucks. It is one of the world's leading automotive suppliers. The Group has 131 production sites, 68 R&D centers, 9 distribution platforms, and employs 71,100 people in 29 countries worldwide.
For more information about the Group and its activities, please visit our web site www.valeo.com
For all additional information, please contact:
Antoine Balas
Corporate Communications
Tel: +33-1-40-55-29-36
Rémy Dumoulin
Investor Relations
Tel: +33-1-40-55-29-30Contact:
For all additional information, please contact: Antoine Balas,
Corporate Communications, Tel: +33-1-40-55-29-36; Rémy Dumoulin,
Investor Relations, Tel: +33-1-40-55-29-30