Valeo, Russias Itelma to create air conditioning systems

PARIS (Thomson Financial) -- France's Valeo and Russia's Itelma are set to create a joint company specializing in air conditioning systems.
 
The level of investment was not revealed, but Valeo will hold 95 percent of the new company and Itelma 5 percent.
 
The new company, located at Tomilino, 10 kilometers from Moscow, will "design, build and commercialize (Valeo unit) Valeo Thermique Habitacle's products and systems, including heating controls, ventilation and air conditioning products for leisure vehicles."
 
Valeo CEO Thierry Morin said the joint venture is the "first phase in our strategy of growth in Russia."
From: Automotive News Europe

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