PARIS, Oct. 31 (Xinhua) -- Valeo, one of main French automotive supplier, on Tuesday announced it finalized the deal to buy German FTE Automotive to diversify offer and extend to new promising market.
Following the accord, Valeo aims "to expand its offering of active hydraulic actuators, a strategic and fast growing market that has notably benefited from the rise of hybrid and electric vehicles," Valeo said.
FTE Automotive had sales of 550 million euros (640.91 million U.S. dollars) in 2016 and is present in eight countries, including Germany, the Czech Republic, Slovakia, Mexico and China, it added.
"With the acquisition of FTE Automotive, Valeo is positioning itself as the technological leader on the actuators market and thereby consolidating its CO2 emissions reduction strategy. This acquisition will help strengthen Valeo's Powertrain Systems business," said Jacques Aschenbroich, Valeo's Chairman and Chief Executive Officer.( 1 euro = 1.165 U.S. dollar) Enditem
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