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News of  October 03, 2001

Valeo Electronics plans to reorganize its Sainte-Savine facility, France, and maintain all jobs

Paris - Valeo Electronics S.A.S. today handed over to employee representatives information concerning the proposed restructuring of its activities at its Sainte-Savine, France, site. This site, which employs 335 people, is the center of competencies for plastic injection and also assembles switches and control panels.

Within the framework of the strategy announced at the Group's Annual General Meeting of Shareholders on May 9th 2001 aimed at refocusing the Group on its core businesses, Valeo Electronics plans restructuring that will maintain full employment at the site.. It involves:

• Selling the buildings, the plastic injection activities and the assembly of small production runs to the French company NIEF Plastic with the transfer of 166 employees who will continue to work at the site.
• The establishment by NIEF Plastic of a new activity at the site that will employ 87 people.
• The maintenance at the site of a production and logistics activity by Valeo that will employ 82 people.

NIEF Plastic, set up in 1965, processes plastic raw materials. It is a leader in a number of its activities: thermo-set, high performance polymers and over-molding. It regroups various businesses located for the most part in Eastern France and the Rhône-Alpes region of France. NIEF Plastic's sales amount to around FFr 460 million, for a workforce of 600 people.

Valeo Electronics, headquartered at Créteil (94), has three facilities: Créteil - Headquarters (94), Sainte-Savine (10), and Meung-sur-Loire (45). Its sales totaled FFr 1,862 million in 2000 for a workforce of 1,200 people. Valeo Electronics is a subsidiary of the Valeo Group.

(September 28, 2001)

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