Valeo Creates Strategic Thermal Systems Activity to Reinforce Its Leadership Position

    PARIS--May 28, 2002--Valeo (Paris: FR; OTC: VLEEY) today announced the creation of a new strategic Activity for Thermal Systems encompassing the Engine Cooling and Climate Control Branches, the Zexel Valeo Climate Control joint venture and the Cockpit and Front End Modules businesses.
    This organization will reinforce Valeo's leadership position in terms of technology and global industrial competitiveness in this market.
    Andre Gold is appointed Senior Group Vice President, Thermal Systems Activity. He was previously Vice President, Climate Control Branch.
    The Thermal Systems Activity has 17,000 employees in 17 countries and serves all car manufacturers across the globe. The creation of a single Thermal Systems Activity will enable Valeo to increase productivity in thermal systems components and benefit from synergies across its product lines for enhanced systems development. Including the Zexel Valeo Climate Control business, the Activity represents sales of almost 4 billion euros.
    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 71,500 people in 24 countries worldwide (end March 2002).
    For more information on the Group and its businesses, consult our Web site: www.valeo.com