Automotive component manufacturer Valeo is selling its business in Russia to NPK Avtopribor. In this respect reported Press service of the French company.
Valeo announced that it has signed an agreement to sell all production assets of its Powertrain division in Tolyatti. Completion of the deal is subject to regulatory approval, the report said.
It was noted that the agreement will create jobs for 158 employees of the enterprise in Russia. The agreement provides an option to repurchase assets valid between 2029 and 2033. The sale of the business will be non-profit for Valeo and will not result in any loss with €43 million worth of assets depreciated in 2022. The company said Valeo’s sales in Russia are less than 1% of sales worldwide.
About the sale of the plant in Russia earlier announced world’s largest autocatalyst manufacturer.