Valeo closes the acquisition of FTE
Valeo announces the acquisition of FTE Automotive, a leading producer of actuators, after having received clearances from the European Commission and the Turkish Competition Authority.
FTE’s product portfolio and customer base are highly complementary to Valeo’s. The acquisition will enable Valeo 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.
In 2016, FTE Automotive generated sales of around 550 million euros. The company has more than 3,800 employees and a diversified manufacturing footprint in eight countries, including Germany, the Czech Republic, Slovakia, Mexico and China.
The acquisition of FTE will be accretive to Valeo’s operating margin from year one.
Jacques Aschenbroich, Valeo’s Chairman and Chief Executive Officer, said: “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. We are happy to welcome FTE’s 3,800 employees to the Valeo Group.”