Valeo has an upbeat outlook for next year after reporting a 14% rise in third-quarter sales thanks in part to its expanding activities in emerging markets.
The group said it still expects a slightly stronger operating margin in 2011 than last year’s 6.4% of sales, despite the high price of raw materials in the second half.
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Quarterly sales reached EUR2.662bn (US$3.65bn), up 12% over the same period a year ago.
The Asian market represented a quarter of Valeo’s original equipment sales, following its acquisition of Japanese automotive supplier Niles. Worldwide, original equipment sales rose 17% to EUR2.3bn (US$3.1bn).
Chief Executive Jacques Aschenbroich said:”We are well armed to continue to outperform the markets in those regions. So whatever the market, Valeo is well armed to begin 2012.”
The German car market, which accounts for nearly 30% of Valeo’s revenues, is booming, with new car registrations in September showing growth of 8.1% and 18.3% in August.
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By GlobalDataValeo added that global automotive production remained robust in all regions in the third quarter.
