Valeo sets up global alliance with Furukawa Electric to jointly develop business opportunities for wiring systems

Tokyo, Japan, October 22 -- Valeo today announced that it has signed a Letter of Intent for joint business opportunities with Furukawa Electric of Tokyo, Japan, for future wiring systems business.

The two companies will jointly develop business opportunities worldwide for automotive wiring systems, and will have access to R&D resources of both companies. This alliance will allow customers around the globe to be better served through the combined global footprint of the two companies.

The partnership will draw upon complementary geographical coverage and engineering prowess. The combined strength of Valeo's leadership position in Europe and Furukawa's strong presence in Asia, notably China, will be a major advantage for customers. As the number of global vehicle platforms is increasing, local engineering and quality support for the customer is becoming increasingly important.

In addition to providing access to 17 advanced manufacturing sites in Europe serving European customers, Valeo will provide logistics, quality, engineering expertise to the alliance. Furukawa Electric, which has 18 manufacturing and engineering sites worldwide, will bring important know-how of the expanding Asian 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. The Group has 125 plants, 55 R&D centers, 10 distribution centers and employs 67,000 people in 25 countries worldwide.

Media contact:

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

Japanese enquiries:

Tel: +81 (3) 3226-9684 Fax: +81 (3) 3226-9209 Japan@valeo.com