Valeo is buying back 670,000 shares worth EUR22.5m, it said in a statement.

This is in addition to a buyback programme of up to 610,000 shares worth EUR18.5m announced on 16 August.

“All these shares will be allocated to cover the implementation of any stock option purchase plan, the allotment of shares to employees in respect of their participation in the proceeds of the company’s expansion and the implemntation of any company savings plan,” the statement said.