Tuam-based company Valeo records 6 million euro pre-tax profits

Galway Bay fm newsroom – A Tuam company, at the cutting edge of driverless car technology returned to profit in 2016, recording pre-tax profits of 6.6 million euro.
Accounts filed by Connaught Electronic Ltd trading as Valeo Vision Systems Ltd, show the firm returned to profitability after its pre-tax loss of 26.5 million in 2015.
According to the Irish Examiner, job numbers at Tuam-based Valeo Vision Systems have been increasing rapidly as it boosts its research and development spend.
The company which focuses on designing, making and the sale of components and integrated systems for the car industry spent 39 million euro on research and development in 2016, a 44 per cent increase.
The firm increased its staff count from 942 to almost 11 hundred in 2016 with plans to further expand its facility at Dunmore Road Tuam.