14.02
Valeo acquires Osram's stake in Valeo Sylvania
Paris, France, January 6, 2014 - In line with the agreement communicated on June 18, 2013, Osram GmbH has exercised its put option to sell to Valeo its entire stake in their North American joint venture, Valeo Sylvania LLC, for a price of $104 million equivalent to 3 times the 2014 Ebitda of the Company expected by Valeo.
Following the sale, Valeo will own 100% of Valeo Sylvania shares.
The transaction is expected to close by the end of January 2014.
Jacques Aschenbroich CEO of Valeo has declared, "the takeover of Osram's shares in Valeo Sylvania represents a major step in Valeo's strategy to increase its position as a global leader in Automotive Lighting, business in which Valeo grew 20% in 2013 at same perimeter and exchange rate".
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Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for the automotive industry, mainly for CO2 emissions reduction. Valeo ranks among the world's top automotive suppliers. The Group has 124 plants, 20 research centers, 36 development centers, 12 distribution platforms and employs 75,300 people in 29 countries worldwide.
In 2012, Valeo generated revenue of €11.8 billion and invested €1 billion in research and development.
For more information about the Valeo Group and its businesses, please visit www.valeo.com.
