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Valeo Holds 100% of the Capital of its Subsidiary Valeo Climatisation

Paris (ots/PRNewswire)

Valeo announced today the acquisition of
all of the shares held by Bosch Automotive Systems Corp. (Japan) in
its subsidiary Valeo Climatisation SA, representing 7% of the share
capital and voting rights.
Through the additional 7% of shares, Valeo now controls 100% of
the capital and voting rights of the holding company within which
Valeo's climate control activities are held. The Valeo Climate
Control Branch, which had sales of 1 321 million euros in 2003,
develops, manufactures and sells systems for heating, ventilation and
air conditioning.
The market for these systems is expected to grow for all types of
vehicle. Carmakers and drivers are increasingly interested by such
systems which improve the quality of the air in the vehicle and are
energy-efficient. Valeo Climate Control is one of the worldwide
leaders in this business.
This acquisition, for a total of 62.5 million euros was financed
through the Group's cash reserves.
Bosch Automotive Systems Corp. (Japan) acquired these shares in
2000.
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 130 plants, 65 R&D centers, 9
distribution centers and employs 70,200 people in 26 countries
worldwide.

Contact:

Contact presse : Kate Philipps, +33-1-40-55-20-65,
kate.philipps@valeo.com; Rémy Dumoulin, Director of Investor
Relations, +33-1-40-55-29-30, remy.dumoulin@valeo.com

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