Belgian's RHJ Sells Niles Co To Valeo For EUR138 Million
February 23 2011 - 3:38AM
Dow Jones News
Belgian holding company RHJ International SA (RHJI) said
Wednesday it had agreed to sell its majority ownership in Japan's
Niles Co. Ltd. to French automative firm Valeo SA (FR.FR) for
EUR138 million.
RHJ International Chief Executive Officer Leonhard Fischer said
the move is "one more step in RHJI's transformation from an
industrial holding into a dynamic financial services group."
RHJ held a 77.9% ownership in auto parts maker Niles. The
company said the transaction values Niles at Y36 billion, or EUR320
million.
Niles developes and manufactures switches and other electronic
components for the automotive industry.
RHJ shares closed at EUR6.24 on Tuesday.
-By Laurence Norman, Dow Jones Newswires; 0032-2741-1480;
laurence.norman@dowjones.com
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