PARIS, June 9 /PRNewswire/ -- Valeo's Combined Annual General Shareholders'
was held today under the chairmanship of Pascal Colombani, Chairman of Valeo.
The AGM approved the 2008 accounts which were published on February 13, 2009.
The presentation of the Group's results for 2008 and the first
quarter 2009 provided an opportunity for Jacques Aschenbroich, the new CEO of
Valeo, to review the situation of the Group against the backdrop of the
global automotive crisis. The company is fully mobilized to implement its
operational efficiency action plans and confirms that it is on schedule with
the deployment of its headcount adjustment program.
Moreover, the preventive actions taken with regard to General
Motors and Chrysler should neutralize the impact on Valeo of these
automakers' bankruptcy filings. The Group also confirmed that its financial
liquidity situation is sound. The 1.2 billion euros' worth of bilateral
credit lines had not been drawn upon as of June 9, 2009 and 866 million euros
of these lines have already been renegotiated, in line with the Group's
wishes, with a new covenant based on the net financial debt to EBITDA
Nearly three months after assuming the position of CEO at
Valeo, Jacques Aschenbroich shared with shareholders his vision regarding the
challenges that the Group must face:
- a technological challenge, to develop cleaner and more
energy-efficient products that respond to the constraints of global
- a geographical challenge, as automotive industry growth is
expected to be centered in emerging markets;
- a "societal" challenge, in which the automobile's place in
urban societies of the 21st century will have to be defined;
- a sector-based challenge, the current crisis having
triggered a consolidation trend in which Valeo intends to be one of the
"Valeo's strategy will enable the Group to take up these
challenges by building on such strengths as its industrial excellence, its
innovation and its presence in high growth potential countries. With a more
efficient organization and a clear strategic vision, Valeo will be able to
return to organic growth and improved profitability," declared Jacques
All of the resolutions recommended by the Board were adopted.
Detail results of the voting on each resolution are available on the Group's
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 122 plants, 61 R&D centers, 10 distribution platforms and employs
around 49,000 people in 27 countries worldwide.
For more information about the Group and its activities,
please visit our web site http://www.valeo.com.
 Less other income and expenses