Valeo: Continued Industrial Restructuring And Adaptation Of Employment Levels To The Market
PARIS--Jan. 11, 2002--Valeo (Paris: FR; OTC: VLEEY) today announced that it has transmitted proposals for employment levels to its European Works Council Bureau.Employee representatives will be consulted on the measures, which cover:
| - | the ongoing industrial rationalization |
| - | the adaptation of employment levels in line with automotive |
- the ongoing divestiture of non-core activities begun in 2001.
- Worldwide, these measures would lead to a reduction in the permanent workforce of about 5,000 people out of a total of 70,000 in Valeo's 143 production sites. - In Europe, the main industrial restructuring actions envisaged in the proposals transmitted to the Works Council, which will meet on 18 January 2002, are:
- The gradual disengagement from wiring manufacturing in France through a program for the Management of Anticipated Employment Levels affecting 1,370 people. This involves the Cablea site of Dreux (Eure et Loire) and the Sylea sites of Sissonne (Aisne), Bellegarde (Loiret) and La Bastide (Tarn et Garonne).
- A plan to transfer the passenger car engine cooling activities of Mjallby (Sweden) to three other facilities in Poland, France and Spain, affecting 200 of the 600 Swedish employees.
- The planned closure of the Mariglianella site in Naples, Italy. This site employs 154 people and produces automotive wiring harnesses.
In order to adapt employment levels to the drop in automotive production, Valeo plans to cut back on temporary workers and reduce by around 700 the number of its permanent employees in Europe.
Valeo's program to divest its non-core activities continues with a project concerning Plastic Injection at St Aubin (France) - 70 people, and Felizzano (Italy) - 59 people affected.
Valeo will maximize its efforts to find alternative jobs for the employees of the sites affected, through internal and external redeployment initiatives in order to avoid outright redundancies.
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. The Group has 143 plants, 53 R&D centers, 10 distribution centers and employs about 70,000 people in 25 countries worldwide.
For more information on the Group and its businesses, consult our website: www.valeo.com