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Valeo to sell Russia propulsion systems business to NPK Avtopribor

FILE PHOTO: Logo of Valeo at the company headquarters in Paris

PARIS (Reuters) - French car parts company Valeo announced on Friday an agreement to sell its propulsion systems business in Russia to Russian company NPK Avtopribor.

Valeo said this sale would not incur any capital gain or loss. It said its sales in Russia previously represented less than 1% of group turnover, and the related assets being sold off were depreciated in 2022 for 43 million euros ($46.8 million).

($1 = 0.9189 euros)

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)