Irish automotive electronics firm Connaught Electronics has been acquired by French industrial colossus Valeo for an undisclosed sum.
Connaught Electronics Ltd (CEL) was founded in 1982 and is headquartered in Tuam, Galway. The company employs 300 people at two facilities in Tuam and another facility in the Czech Republic.
The company develops and produces automotive electronic components, including camera applications for driving assistance and radio frequency applications for remote vehicle access and security.
CEL reported annual sales of €37m this year and it is predicted to double sales by 2010.
Within the last two years Connaught Electronics won significant orders from two leading European car manufacturers for camera-based systems.
French industrial giant Valeo is one of the world’s largest automotive suppliers of electronics for cars and trucks. Worldwide it has over 133 production sites, 67 R&D centres, nine distribution platforms and employs 72,300 people in 29 countries.
“This acquisition is fully in line with our strategy to strengthen our product portfolio in our three Domains of Driving Assistance, Powertrain Efficiency and Comfort Enhancement,” said Thierry Morin, chairman and CEO of Valeo.
“CEL’s low-speed manoeuvring solutions are fully complementary to our extensive Driving Assistance Domain product offering and we’re confident this market segment has a great potential,” Morin added.
By John Kennedy