Valeo Signs Memorandum of Understanding for First Joint Venture in Japan.PARIS--(BUSINESS WIRE)--Oct. 21, 1999-- Valeo and Unisia Jecs Corporation just signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) to form a joint venture company in Japan for the design, production and sale of clutches, components and systems for manual and automatic transmissions. Valeo would become the majority shareholder in the proposed joint venture. The newly formed company will incorporate the clutch division of Unisia Jecs, which generated sales of 10 billion yen (88 million euros) in fiscal year 1998, ending March 1999. Manufacturing will be located in an existing Unisia production facility with 250 employees in Atsugi-Shi, a northern suburb suburb, a community in an outlying section of a city or, more commonly, a nearby, politically separate municipality with social and economic ties to the central city. In the 20th cent. of Tokyo. Following the signature of the MOU, a final agreement is expected by year-end. Commenting on the intended joint venture, Valeo Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Noel Goutard said, "Unisia Jecs would add a new dimension to Valeo's expertise and global presence in clutches and transmissions. Our collaboration Working together on a project. See collaborative software. would also provide Valeo with its first industrial base in Japan. By forging new technological and manufacturing associations in Japan, we will better serve Japanese vehicle manufacturers domestically and worldwide." Koichiro Tohda, President and CEO of Unisia Jecs, added, "Valeo is the world leader in clutches. Making efficient use of our combined resources would enable us to offer breakthrough technologies to our customers and together expand our business activity." Valeo estimates that this year its combined sales in clutches and transmission components will total more than 600 million euros. In this activity, the Group currently has 22 manufacturing sites in Europe, North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and Asia, including Korea, China and India. Valeo is an independent industrial group fully focused on the design, manufacture and sale of components, systems and modules for cars and trucks. Present in the original equipment and aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. segments, Valeo is among the world's top 10 automotive suppliers with estimated 1999 sales of approximately 7.7 billion euros. The Group employs 50,400 persons worldwide and has 113 production facilities, 29 Research and Development centers and 10 distribution centers in 20 countries. For more information on the Group and its businesses, please consult our Web site: www.valeo.com |
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