Valeo Announces Closure of Grand Prairie, Texas, Site and Zexel Valeo Compressor USA Announces Closure of Decatur, Illinois, Site

    PARIS--Feb. 8, 2002--As part of the ongoing restructuring program of Valeo (Paris: FR; OTC: VLEEY), one of its US divisions, Valeo Climate Control Corp., today announced the closure of its Grand Prairie, Texas, production site.
    The plant manufactures automotive heating and cooling systems and employs 220 people. Production is scheduled to cease during 2002 and will be transferred to other Valeo facilities.
    It was also announced today by Zexel Valeo Compressor USA, Inc. (a division of the joint venture company Zexel Valeo Climate Control) that the Decatur, Illinois, facility which produces compressors will cease operations on July 31, 2002. This concerns the 180 employees of the joint venture facility as well as an additional 40 employees of Valeo Climate Control Corp. at the facility.
    Valeo Climate Control Corp. will put in place measures intended to facilitate the transition to other employment for the employees at both sites.
    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 nearly 70,000 people in 25 countries worldwide (end 2001).
    For more information on the Group and its businesses, consult our website: www.valeo.com