The financial turnaround at Valeo over the past two years is, by any standards, impressive. The company has undergone substantial restructuring and returned to profitability in 2002. It has also been broadening its customer base and is placing much store on its cross-divisional market-led 'domains' approach to technology innovation. David Leggett, just-auto's managing editor, spoke to Valeo's chairman & CEO Thierry Morin about Valeo's strategy and developments in the industry.