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March 11, 2010

FRANCE: Valeo ‘no plans’ to close plants in Europe

While Valeo could sell some assets it currently has no plans to close plants in Europe, according to the firm's chief executive, speaking to a French daily newspaper.

While Valeo could sell some assets it currently has no plans to close plants in Europe, according to the firm’s chief executive, speaking to a French daily newspaper.

Jacques Aschenbroich told Les Echos that a strategic plan unveiled on Wednesday to group business around four areas would cut the group’s global workforce of 52,000 by around 600.

“At this stage there is no plan to close plants in Europe,” he said.

But he hinted that some asset sales are ahead.

“We are constantly looking at whether we must produce our components or buy them, which could lead to disposals in coming months,” he said.

Earlier this week the firm said it plans to focus on emissions technology and expanding in emerging markets as it aims to double global sales by 2020.

The company said in a statement it will double sales to EUR15bn (USD20.4bn) in the next 10 years and deliver a return on capital of about 30% within three years.

Valeo said that two-thirds of its research budget will be spent on hybrid and electric powertrains, as well as on cutting CO2 emissions from conventional engines.

See also: FRANCE: Valeo plans to double sales by 2020

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