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Valeo to sell Russia propulsion systems business to NPK Avtopribor

Published 18/08/2023, 07:58
© Reuters. FILE PHOTO: A logo of French automotive supplier Valeo is seen in Paris, France, February 20, 2023. REUTERS/Sarah Meyssonnier/File Photo
VLOF
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PARIS (Reuters) - French car parts company Valeo (EPA:VLOF) announced on Friday an agreement to sell its propulsion systems business in Russia to Russian company NPK Avtopribor.

© Reuters. FILE PHOTO: A logo of French automotive supplier Valeo is seen in Paris, France, February 20, 2023. REUTERS/Sarah Meyssonnier/File Photo

Valeo said this sale would not incur any capital gain or loss. It said its sales in Russia previously represented less than 1% of group turnover, and the related assets being sold off were depreciated in 2022 for 43 million euros ($46.8 million).

($1 = 0.9189 euros)

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