Worldwide automotive technology brand Valeo is finalizing its acquisition of bus climate controls manufacturer Spheros after receiving clearance from antitrust authorities.
Valeo disclosed in a statement that the addition of Spheros to its business portfolio is expected to “extend its thermal management activities in the fast growing bus market and will be accretive on Valeo's earnings from the first year."
The financial terms of this deal, which was announced at the end of 2015, have yet to be revealed. Early last year, Spheros aquired ACC Climate Control, an Indiana-based air conditioning and heating systems manufacturer.
"We are delighted to welcome Spheros' teams to Valeo,” said Jacques Aschenbroich, Valeo's chairman and chief executive officer. “Their technological know-how, combined with the expertise of our thermal systems teams will enable the group to consolidate its leadership in the air conditioning market”
He added that the integration of Spheros’ 1,100 person workforce “represents a unique growth opportunity for Valeo” and will “develop a comprehensive range of air conditioning solutions to meet the needs of manufacturers of all types of vehicles, from passenger cars to buses."
As a global automotive supplier and partner to all automakers, Valeo said its products and systems help reduce carbon dioxide emissions, while also contributing “to the development of intuitive driving.” Sales came in at €14.5 billion last year, and the company reported it invested more than 10 percents of its original equipment sales in research and development.
One Spheros official said more information on the sale and its effects on existing customers is expected later this month.
Based in France, Valeo is publicly traded on the Paris Stock Exchange and closed trading Tuesday at €125.85 ($143.23) a share. The company operates 134 plants, 17 research centers, 35 development centers and 15 distribution platforms, employing 82,800 people in 30 countries across the globe.