French propulsion systems Valeo to sell business in Russia

French car parts company Valeo (VLOF.PA) announced on August 18 an agreement to sell its propulsion systems business in Russia to Russian company NPK Avtopribor.

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

Earlier, the company suspended deliveries of components to Russia.

Valeo is a French company, a manufacturer and supplier of automotive components and spare parts. The headquarters is located in Paris. The company was founded in 1923.