Valeo to acquire bus HVAC maker

French automotive parts supplier Valeo has forged a deal with private equity firm Deutsche Beteiligungs to acquire global air-conditioning systems specialist Spheros. 

According to Valeo, the acquisition – the cost of which was not disclosed – will enable the company to capitalise on an anticipated annual growth rate of more than five per cent in the global bus market over the coming years, driven by the international expansion of public transport “at a time of accelerating urbanisation”.

Spheros is considered a leader in air-conditioning systems for the bus sector, with a worldwide sales network and plants in Germany, Finland, Turkey, the United States, Brazil, China and India. It has annual revenue of around €250 million ($A398m).