Blog: Valeo and Ch 11: is Thierry Morin guilty of a little selective amnesia?
Dave Leggett | 17 October 2005
We ran a small news item last week based on a report of what Valeo boss Thierry Morin said on TV about Delphi’s US operations being in Chapter 11. "It would never happen to Valeo for a simple reason - our management system is characterised by speed and transparency," Valeo's chairman and chief executive, Thierry Morin, reportedly told LCI television.
Unfortunately, we don’t have the full transcript of what Thierry Morin said, but the tone is apparently a little lofty and unjustifiably so, according to one of our readers.
An e-mail points out that Valeo itself filed for Chapter 11 on its US operations (Valeo Electrical Systems Inc – the Rochester, NY, based operations purchased from ITT in 1998) in late 2001. It subsequently restructured, cut jobs and moved much production out of Rochester, Valeo's US operations emerging from Chapter 11 in October 2002.
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