IDA announces Strategic Investment at Valeo in Tuam

 VVS operates a highly successful operation out of Ireland and in turn Ireland provides VVS with a wealth of opportunity. A key part of Ireland’s attractiveness has been the Research and Development landscape and as a result of this, today’s R&D expansion announcement has been made possible. The skills base here in Tuam was also a strong deciding factor in this strategic investment which will enhance the capabilities of the operation and enhance the already existing employment.

Fergus Moyles Division Manager, Valeo Vision

Tuam, Co. Galway, Jim Murren, IDA Regional Manager Western Region,  today (17th May 2010) announced that Valeo is to invest further in its Irish operation by embarking on a major Research and Development (R&D) programme and expansion to target the growing market for vision systems in the automotive industry. The investment is supported by the Irish Government with the support of IDA Ireland.

The investment will allow Valeo to take advantage of its technological leadership position in the camera market to develop into a leading international company in the industry. The company will significantly expand its operations in order to target a growing share of the camera vision market with the development of the next generation of new camera/vision systems. Valeo successfully launched its first generation multi-camera system on the market with the launch of the BMW 7 Series in 2008.

Commenting on the expansion, Jim Murren said, ‘I am delighted to announce this expansion by Valeo and to witness continued transformation of a company of such high technological calibre. This project will allow Valeo to maintain its leadership position in vision systems and develop new systems which will meet the needs of a wide range of market segments thus securing the future of the Tuam plant.’

‘This investment greatly enhances the Valeo Irish Operation and will help to secure its strategic position within the parent corporation. Transformation of this nature is in keeping with the Government’s ‘Smart Economy’ Strategy and on behalf of IDA I look forward to offering continued support to VVS as it further grows its Irish operations into the future.’

Commenting on the VVS expansion, Fergus Moyles Division Manager,
Valeo Vision Systems said, ‘VVS operates a highly successful operation out of Ireland and in turn Ireland provides VVS with a wealth of opportunity. A key part of Ireland’s attractiveness has been the Research and Development landscape and as a result of this, today’s R&D expansion announcement has been made possible. The skills base here in Tuam was also a strong deciding factor in this strategic investment which will enhance the capabilities of the operation and enhance the already existing employment.’
                                                                                                                                       
‘On behalf of VVS I look forward to the successful completion of this expansion and to the continued development of our operations here in Ireland,’ Mr. Moyles concluded.

About Valeo
Valeo Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for the automotive industry. Valeo ranks among the world's top automotive suppliers. The Group has 120 plants, 21 Research centers, 40 Development centers, 10 distribution platforms and employs 52,200 people in 27 countries worldwide.

About Valeo in Ireland
Valeo Visions Systems based in Tuam consists of an R&D centre and production site which forms part of the Comfort and Driving Assistance Business Group  of Valeo. Originally established in 1982 as Connaught Electronics Ltd. (CEL) as a manufacturer of automotive security products, it diversified into camera systems and was acquired in 2007 by Valeo. CEL was a strategic acquisition for Valeo as it complemented Valeo’s existing detection technologies for vehicle parking and manoeuvring.
ENDS

For further information

Valeo Vision Systems
Fergus Moyles Division Manager, Valeo Vision Systems, Tel +353 93 23117

Email: fergus.moyles@valeo.com

IDA Ireland
Jim Murren, IDA Regional Manager, Western Region, Mob: 087 2517480
Antoinette Tyrrell, Press Officer, Tel: +353 (0) 1 6034256, Mob: +353 (0) 87 7572053