Joint venture in clutches for Valeo in China.PARIS--(BUSINESS WIRE)--March 6, 1997--Valeo has signed an agreement with Yuejin Motor Corporation, China's main manufacturer of utility vehicles, to set up a joint venture to make clutches. This agreement is subject to the approval of the Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. authorities.The new company, Nanjing Nanjing (nän`jĭng`) or Nanking (năn`kĭng`) [southern capital], city (1994 est. pop. 2,224,200), capital of Jiangsu prov., E central China, in a bend of the Chang (Yangtze) River. Valeo Valeo is a French automotive components manufacturer. History The Société Anonyme Française du Ferodo was founded in 1923 in Saint-Ouen, a suburb of Paris. It first distributed brake linings and clutch facings under license of Ferodo UK. Clutch Company, will be held on a 50/50 basis by the two Groups. Located in Nanking, the company will have a production site which will supply all Chinese and foreign vehicle manufacturers based in China. Nanjing Valeo Clutch Company will be Valeo's fifth joint venture in China. Valeo is pursuing its globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation and confirms its strategy of supporting vehicle manufacturers in emerging countries. In 1996, Valeo achieved FF 28.9 billion in sales, 68% of the total internationally. CONTACT: VALEO SA David Newhouse (33.1) 40.55.21.05 or TAYLOR RAFFERTY ASSOCIATES Arnaud Robin, 212/889-4350 |
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