Valeo Management Services

Valeo Increases Participation in Clutch Joint Venture in China

    PARIS, July 8 (ots/PRNewswire) - Valeo today announced that it had increased its participation in  Nanjing Valeo Clutch Company (NVCC), its clutch systems joint venture in  China, through a capital increase and a new partnership structure. This  increases Valeo's control in the company and will facilitate the  introduction of new technologies and new products. NVCC now has the  necessary resources to address new markets in China and abroad.

      Thierry Morin, Valeo Chairman and CEO commented "This move is
part of  our strategy to strengthen our presence in China in order to
benefit from  the enormous opportunities of the Chinese automotive
market. In the past  year we have increased our participation in four
of our Chinese joint  ventures which will enable us to introduce
Valeo processes and  methodologies as well as the technology
innovations that this market  demands."

      NVCC was created in 1997 as a 50-50 joint venture with Nanjing
Automotive Company and makes clutch systems for all types of
vehicles. The  new structure introduces a third partner: Valeo Pyeong
Hwa, a joint venture  between Valeo and Pyeong Hwa in South Korea.
The new ownership structure of  NVCC is 35% Valeo, 40% Valeo Pyeong
Hwa and 25% Nanjing Automotive  Corporation. Valeo now has a 55%
interest in the company.

      This transaction is subject to approval by the Chinese
authorities and  is expected to be completed by the end of August.

      Valeo started in China in 1994 with the opening of its Beijing
Head  Office and the creation of joint ventures for wiper systems and
climate  control systems. Other joint ventures followed rapidly to
bring the total  to eight. Product lines manufactured are lighting
systems, starters and  alternators, wiper systems, security systems,
heating, ventilation and air  conditioning systems, motors and
actuators and clutches. Valeo employs  almost 3,000 people in China
and serves all major passenger car and truck  OEMs in the Chinese

      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 129 plants, 65 R&D centres, 9
distribution centres and employs  68,700 people in 26 countries

ots Originaltext: Valeo
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Media contacts: Sophie Porte, Valeo Paris, +33-1-4055-3768,

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