French auto supplier Valeo announced it has completed the acquisition of FTE Automotive, a Germany-based developer and manufacturer of drivetrain and brake system applications, for EUR 819.3 million, US$ 953.7 million at current exchange rate, US$ 914 million by the time it signed the buy agreement.
Bain Capital Private Equity bought the German company in 2013 for EUR 400 million. FTE Automotive had sales of EUR 500 million in 2015, a figure that increased to EUR 550 million in 2016, and is present in eight countries, including Germany, the Czech Republic, Slovakia, Mexico and China.
In Mexico, FTE Automotive operates a production facility in the state of Puebla, which manufactures brake and clutch parts, as well as “high tech metal components”, according to its website.
Valeo in Mexico
Valeo owns several operations in Mexico and every division in the company has presence in the country.
The company operates a two production sites in Juarez, Chihuahua one each for the Visibility Systems and Comfort & Driving Assistance Systems divisions. There’s also a Research and Development operation at the Visibility Systems facility.
A Valeo Service Sales Office for the Independent Aftermarket Organization is located in Mexico City.
The company owns two production sites of the Visibility Systems division in Queretaro, and a Thermal Systems production unit in the state of Aguascalientes.
In Rio Bravo, Tamaulipas, Valeo operates a Comfort & Driving Assistance Systems production site for Driving Assistance, Interior Controls and Interior Electronics Product Groups.
The company owns three facilities in San Luis Potosi one each of its Powertrain Systems, Thermal Systems and Visibility Systems divisions.
There’s also a facility in Toluca with Thermal Systems and Comfort & Driving Assistance Systems operations and a production site also of the Thermal Systems division in Lerma, state of Mexico.