Valeo Closes Its Plant In Carmen de Areco, Argentina

    PARIS--Jan. 7, 2002--Valeo (Paris: FR; OTC: VLEEY) today announced the closure of its plant in Carmen de Areco, Argentina.
    This plant, which employs 90 people, manufactures instrument panel switches and top column modules.
    Production will be transferred to an existing Valeo plant in Brazil in 2002.
    This rationalization will enable Valeo's Switches & Detection Systems Branch to improve its competitiveness on the South American market.
    Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for cars and trucks. Valeo ranks among the world's top automotive suppliers.
    For more information on the Group and its businesses, consult our website: www.valeo.com