Valeo Engine Cooling Inc history

In 1910, Frood agreed to give a French entrepreneur, Eugene Buisson, the right to import and distribute the Ferodo linings in France.

In Jamestown, NY, USA Mr Gabrielson started a workshop in 1914 that quickly became Jamestown Car Parts, a supplier to the very young automotive industry.

The Valeo story started in 1923 in a workshop in Saint-Ouen, just outside of Paris, France.

In 1932, the company expanded its activities to include the production of clutches, and SAFF was listed on the Paris stock exchange.

During the war, at the Battle of Falaise in 1944, its Normandy factories were partially destroyed, and during the Liberation of Paris, the Saint-Ouen workshops (brake linings and clutches) were badly damaged.

In 1953, the Mjällby plant in Blekinge, Sweden was founded by Alfalaval who run the factory for many years until Volvo acquired it.

1962: Sofica is acquired.

An early subsidiary, formed in Italy in 1964 to produce clutch systems, adopted the name Valeo for the first time.

In 1970, the company built a research center (including a wind tunnel) dedicated to thermal systems, in La Verrière (Paris region).

In 1974, the Group set up a thermal systems activity in Sao Paulo, Brazil.

One by one, the plants were acquired by Blackstone, and from 1979 all three plants had the same owner.

Yet, by 1980, the founding company had grouped together many of France's most celebrated names in automotive equipment and systems, including Cibié, Marchal, Paris-Rhône, and SEV, representing some 30 product lines.

In 1984, the Group took over Ducellier, a company producing alternators, starters, headlamps and ignition systems, and established its first site in Tunisia, to produce clutches.

In 1985, the first National Directorates were set up to act as the Group’s ambassadors in Spain, Italy, Germany, Brazil and Japan.

In June 1986 he purchased an inactive French holding company, Airflam.

Since 1987 Valeo has been led by CEO Noël Goutard.

By 1988 Valeo's revenues had climbed to FFr 16.5 billion and its profits soared, gaining 127 percent in a single year, to reach a net profit of FFr 817 million.

Research and Development operations expanded, and in 1992 an R&D center dedicated to electronics was opened in Créteil (Paris region), while another opened in Bobigny (Paris region) focusing on lighting.

Unsatisfied, Goutard would suggest that Valeo needed to attain a "critical mass" of FFr 25 billion in revenues--a milestone reached in 1995.

In 1996 Valeo regained its "independence" when De Benedetti's Cerus sold off its stake in the company.

In January 1997 Valeo's growth earned the company a listing on the Paris Bourse's CAC 40 indicator of leading French companies.

In 1998, Goutard engineered the biggest acquisition during his tenure at the company, paying some $1.7 billion for the automotive electrical business of United States conglomerate ITT. Shortly after the deal went through, Noel Goutard retired.

In addition, the company could begin eyeing its next milestone, that of becoming a FFR 40 billion company by the year 2000.

The company lost $159.5 million in the first quarter of 2001.

In early 2002, Valeo announced more cost-cutting measures, axing 5,000 jobs worldwide on a pessimistic forecast of a further 10 percent fall in automotive output in both Europe and North America.

In 2004, the Group opened its first R&D center in China (Wuhan) dedicated to lighting.

The United States subsidiaries had just emerged from bankruptcy, and Morin predicted the Rochester plant would be consistently profitable by 2005.

After a few years with Armstrong, the three facilities were acquired by Valeo, who owned the plants until 2008, when a carve out was made of the heavy duty side of engine cooling, and TitanX was born.

In 2011 Valeo acquired the Japanese automotive supplier Niles, becoming the world leader on the interior controls market.

Since 2014, the group unveiled its new identity as a full-fledged tech company and joined the CAC40 blue-chip index.

In 2017, the Group opened valeo.ai.