Valeo in €329 Million Acquisition of Johnson Controls' Engine Electronics Division

February 28, 2005

Cleary Gottlieb represented Valeo in acquiring from Johnson Controls Automotive Electronics (JCAE) its engine electronics division in a €329 million asset purchase. JCAE contributed the business to Newco, an acquisition vehicle later acquired by Valeo and renamed Valeo Systèmes de Contrôle Moteur. Upon the transfer of assets, JCAE and Valeo Systèmes de Contrôle Moteur consummated various agreements regarding transition services, manufacturing services and patent co-ownership.

The engine electronics division, now Valeo Systèmes de Contrôle Moteur, designs, produces and sells engines components, including injectors, ignition and emission control components and sensors.