The head of French car parts maker Valeo has said his company would not encounter the problems that led Delphi Corp. into a Chapter 11 bankruptcy protection filing.
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“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.
According to Reuters, Morin added that Valeo had undergone restructuring in the past few years, it had cut the number of production sites and taken them to low-cost countries.
