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Valeo Announces 1998 Sales

6 January 1999

Strong Rise in 1998 Sales: +16.2%

    NEW YORK--Jan. 6, 1999--Valeo's 1998 consolidated sales totaled FFr 39.5 billion (6 billion euros) against FFr 33.9 billion (5.1 billion euros) in 1997, up by 16.2%. This figure includes, for the 4th quarter 1998, sales of the recently acquired activities of ITT and excludes the FFr 400 million in 1998 sales generated by the recently disposed of display and fuel tank caps activities.
    Annualized sales, based on the Group's reporting entity at December 31, 1998, stood at FFr 47.6 billion (7.3 billion euros). This represents an average annual growth rate of 19% over the past five years. Europe accounts for 65% of annualized sales, North America 28% and the rest of the world 7%.
    1998 was a year in which Valeo once again largely outperformed the automotive market. The Group intends to pursue its profitable growth strategy in 1999.
    Valeo will announce its estimated results for 1998 on January 21, 1999.