Valeo acquires Norwegian EV component manufacturer
Based in Drammen, a city west of Oslo, Eltek designs, develops, manufactures and assembles compact, low-weight, high-efficiency on-board chargers for electric passenger cars and commercial vehicles. Its automotive department employs 16 people, who will now transfer to Valeo at a separate site near to Eltek’s existing premises.
Valeo said the acquisition would allow it to accelerate and expand the development of products for its hybrid and electric vehicle portfolio, supplying conversion solutions as part of ongoing agreements with several original equipment manufacturers.
Morten Schøyen, chief marketing officer at Eltek, said: ‘While we see potential in the automotive industry the automotive business is not in our core business. It is our opinion that this transaction is beneficial to Eltek since it allows us to focus on opportunities that are more closely related to our traditional market in the telecom industry, industrial applications and data centers.’