Auto parts giant Valeo is to pay 350 million Euros to acquire Johnson Controls’ engine electronics businesses in France.
The business manufactures engine management systems, engine control units, electric motor drives and engine components, including injectors, ignition and emission control components and sensors.
It was formerly a part of the Sagem automotive electronics business that Johnson Controls acquired in 2001 to expand and strengthen its electronic capabilities.
The company employs around 2,000 people in France with a head office and R&D centre in Pontoise and plants in SablÃ© and Sainte Florine.
In its September 2004 fiscal year it generated revenues of 426 million Euros.
The transaction is expected to be completed during the first quarter of calendar 2005 and is subject to regulatory approvals.