Valeo buys Irish automotive developer - Embedded.com

Valeo buys Irish automotive developer

LONDON — Valeo (Paris, France) has acquired Connaught Electronics Ltd. (Tuam, Ireland), to strengthen its driving assistance solutionsthrough the extension of its line of camera-based vision solutions for low-speed maneuvering.

CEL develops and produces automotive electronic components, particularly camera applications for driving assistance functions and radio frequency applications for remote vehicle access and security. The company employs nearly 300 people at two facilities in Tuam near Galway, and in Humpolec, Czech Republic.

With annual sales of €37million (about $50million) in 2007, the new Valeo division is expected to double its sales by 2010.

Valeo is an independent industrial group dedicated to the design, production and sale of components, integrated systems and modules for cars and trucks which has 133 production sites, 67 R&D centers, nine distribution platforms, and employs 72,300 people in 29 countries.

In the first half of 2007 Valeo had revenues of €5,286million (about $7,220million) down by 0.4 percent versus the first half 2006.

Meta:

Valeo, Connaught Electronics Ltd. (CEL), Vehicle Electronics, Driving Assistance, Camera-based Vision Solutions, Low-speed Maneuvering, Tuam, Galway, Ireland, Humpolec, Czech Republic.

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