Valeo receives achievement award and quality recognition from Toyota

Paris, France, April 15 -- Valeo, the world leader in automotive lighting systems, today announced that it had received the "Achievement Award" from Toyota in the project management category for the supply of headlamps the new Toyota Yaris super-mini, recently launched in Europe. Valeo also received quality recognition relating to the fog lamps and power outlets supplied.

Dr. Toyoda, President and CEO of Toyota Motor Europe and also heading Toyota's European manufacturing operations, presented Valeo representatives with the Achievement Award together with 'Recognition Certificates' for quality performance at the third Annual Business Meeting & Supplier Award Ceremony held at the Brussels Exhibition Centre, Brussels, on March 27, 2003.

Thierry Morin, Chairman & Chief Executive Officer of Valeo, said, "I am pleased that Toyota expressed their satisfaction with Valeo's management of the headlamp project during 2002 for the important new Yaris model. Our whole team in Angers can be very proud to receive this prestigious award.

"This award, along with the quality 'Recognition Certificates' conferred on Valeo Lighting Systems, recognise the importance Valeo attaches to achieving superior levels of quality and customer service," Morin added.

In order to qualify for inclusion as a finalist for the project management 'Achievement Award', Valeo successfully demonstrated to Toyota that its management of projects had fully incorporated the continuous improvements recommended to suppliers. In addition, Valeo demonstrated that its project management process had facilitated a positive performance trend in pursuit of the milestones and quality targets set by Valeo and Toyota for the production of the Yaris headlamps.

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 140 plants, 54 R&D centres, 9 distribution centres and employs 69,100 people in 25 countries worldwide.

Malene Pickles, +33 140 55 2074, Malene.pickles@valeo.com