Valeo Announces the Sale of Valeo Transmission Ltd, UK.Business Editors PARIS--(BUSINESS WIRE)--Nov. 5, 2001 Valeo (Paris: FR; OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : VLEEY) today announced the sale of Valeo Transmission Limited, UK (VTL See virtual tape library. ) to three managers of the company, through a management buyout Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. management buyout See going private. . VTL produces and distributes synchroniser rings and selector forks for manual gear boxes. VTL, a non-core activity within Valeo, became part of the Group in November 1997, as a result of the acquisition of Sagar-Richards Ltd. VTL employs 135 people in one plant located in Halifax, UK, and generated sales of about 14 million euros in 2000. This divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). is part of Valeo's strategy, announced at the Group's Annual General Meeting on May 9, 2001, aimed at refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus the Group on its core businesses through the sale of non-core activities. Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for cars and trucks. Valeo ranks among the world's top automotive suppliers. The Group has 144 plants, 53 R&D centers, 10 distribution centers and employs nearly 75,000 people in 25 countries worldwide. For more information on the Group and its businesses, consult our website: www.valeo.com |
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