Clean Break: the company completely halting Russian engagements or exiting Russia
Leave Withdrawal
Valeo is a French global automotive supplier headquarters in France, listed on the Paris Stock Exchange. It supplies a wide range of products to automakers and the aftermarket. The Group employs 113,600 people in 33 countries worldwide. It has 186 production plants, 59 R&D centers and 15 distribution platforms.
Clean Break: the company completely halting Russian engagements or exiting Russia
Leave WithdrawalValeo has two legal entities in Russia: Valeo Service (VSR) and Valeo Technologies (VTR). According to VSR reports, in 2022 the Togliatti branch for the production of auto components of the Thermal Systems group suspended work, but the Samara branch for the production of components for transmission continued to work - it is indicated that today the plant supplies products to AvtoVAZ, which is named the largest buyer. Nevertheless, the company reduced its revenue by 45% to 4.7 billion rubles. at the end of 2022, and also showed a net loss of 776.9 million rubles. against a profit of 727.9 million rubles. a year earlier.
The French company Valeo has agreed to sell the Russian power systems business to NPK Avtopribor and is awaiting approval of the deal by government agencies. Moreover, the company wants to retain the right to repurchase assets.
| August 21, 2023 | Signal: NPK Avtopribor to acquire Valeo Russia propulsion systems unit |