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UPDATE 1-Valeo sells car lock unit to Japan's U-Shin
November 30, 2012 / 7:46 AM / 5 years ago

UPDATE 1-Valeo sells car lock unit to Japan's U-Shin

(Adds details)

* Deal is for Enterprise Value of 223 million euros

* Deal expected to close no later than March 31, 2013 (Adds additional details)

PARIS, Nov 30 (Reuters) - French car parts equipment maker Valeo said on Friday it had agreed to sell its unit which makes locks, handles and similar products to Japan’s U-Shin for an enterprise value of 223 million euros ($289.42 million).

The Access Mechanism Product Group is mostly based in Europe and South America.

The sale to the Japanese auto parts maker is in line with Valeo’s strategy to focus “on solutions to reduce CO2 emissions and on stepping up its development in Asia and in emerging markets,” Valeo said in a statement.

The business, expected to generate 580 million euros in sales in 2012, operates 12 plants and has 4,500 employees.

The deal, which must be approved by competition authorities, is expected to close by no later than March 31, 2013. ($1 = 0.7705 euros) (Reporting by Dominique Vidalon; Editing by Christian Plumb)

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