Valeo operating revenues rose 4.3% to EUR2,245m in the third quarter of 2007.

Gross margin rose 5.6% to EUR340m. Operating income was up 2.9% to EUR64m or 2.9% of total operating revenues.

The net loss was EUR40m, including a loss of EUR52m related to non strategic activities. Excluding these activities, net income was EUR12m compared to EUR9m a year ago.

At end September, excluding divested assets, the group's net income increased 5% compared to 2006.

Valeo's net debt on 30 September 2007 was EUR932m (taking into account the debt of the wiring harness activity of EUR60m) compared to EUR968m at the beginning of the year.

On 16 October, Valeo signed an agreement with Leoni for the sale of its wiring harness activity. This divestiture will lead to a reduction in the Group net debt of around EUR200m.

Valeo confirms wiring sale

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