Valeo To Invest 56.2 Million Euros In Bietigheim, Germany

1 December 1999

Valeo To Invest 56.2 Million Euros In Bietigheim, Germany

    BIETIGHEIM, Germany--Nov. 30, 1999--Valeo will invest 56.2 million euros in its Wipers and Electric Motors business in Bietigheim, Germany, the Group announced today.
    Plans include the upgrade of existing buildings and the construction of new facilities for the development of a world-class manufacturing and Technical Center.
    Announcing the decision, Noel Goutard, Valeo Chairman & CEO, said, "We are investing in Bietigheim because of the high degree of technological expertise here, which will provide us with an excellent platform for strengthening our position in this business."
    The project requires the acquisition of adjoining land belonging to Olymp', a German textile company, as well as property belonging to the town of Bietigheim. "The local authorities have been of great help in acquiring the land and realizing the project," added Noel Goutard.
    Ernst Wagner, Human Resources Director for Valeo Wiper Systems and Electric Motors in Bietigheim, commented, "This project is a vital step in increasing our competitiveness. The new buildings will permit us to optimize our processes, increase efficiency for our customers and provide a better work place for our employees."
    The new facility will permit thorough application of the Valeo Production System by combining the Group's high-tech know-how in automation with increased optimization of logistics and material flow.
    The construction project will take 20 months. Production in the new plant will start in the second half of 2001.
    Valeo is an independent industrial group fully focused on the design, manufacture and sale of components, systems and modules for cars and trucks. Present in the original equipment and aftermarket segments, Valeo is among the world's top 10 automotive suppliers with estimated 1999 sales of approximately 7.7 billion euros. The Group employs 50,400 persons worldwide and has 113 production facilities, 35 Research and Development centers and 10 distribution centers in 20 countries.
    In Germany, Valeo has nine production facilities, four Research and Development centers and three sales offices, serving all of the major German automakers. The Group employs 5,700 persons here, including 780 engineers and professionals.