(CercleFinance.com) – Valeo announces the signature of an agreement to sell to NPK Avtopribor, all the production assets of its transmission systems business in Russia, as part of its decision to withdraw from production activities in this country.
Completion of this transaction is subject to obtaining the required regulatory approvals. It will allow the 158 Russian employees of this activity to keep their jobs.
This sale will be carried out without any capital gain or loss. The French automotive supplier will also have a buy-back option for 10 years, which can be activated from the sixth year.
Valeo’s sales in Russia previously represented less than 1% of group sales and the related assets were impaired in 2022 for a total amount of 43 million euros.