In 2005, Valeo entered into a joint venture with Armco Group. Valeo acquired an interest of 51% in the joint venture, Valeo Armco Engine Cooling Co, with the remaining 49% of equity held by the Armco Group. The joint venture produces engine cooling systems, operating from a production facility in Saveh, near Teheran, where it employs 120 workers. (Just Auto, Global market review of automotive engine cooling systems--forecasts to 2013, Matthew Beecham, June 1, 2007)
GIANTS WITH A FOOT IN TEHRAN: Total, Shell, Statoil, BNP Paribas, Commerzbank, MTN, UPS, Linde, Technip, Nokia, Ericsson, Peugeot, Renault, OMV, Societe Generale, ENI, Mitsubishi, Sumitomo, Siemens, LG, Samsung, Bosch, Valeo, Nestle, Unilever, BAT, Japan Tobacco. (The London Times, American pressure threatens UK firms, 5/27/06)
Valeo has announced a new joint venture (JV) in Iran for its engine cooling business with Armco, a current licensee of the French component supplier. The JV, owned 51% by Valeo and 49% by Armco, will have one production site in Saveh, near the capital, Tehran. The facility will supply the fast-growing Iranian market with heat exchangers. (World Markets Analysis, Valeo Announces New Iranian Joint Venture, Johanna Iivonen, February 18, 2005)
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