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Valeo Establishes New Joint Venture in China, With Ichikoh, and Increases Shareholding in Hubei Valeo to 100%

Paris, France (ots/PRNewswire)

Valeo (OTC: VLEEY) today
announced the establishment of a Chinese joint venture with Ichikoh,
one of Japan's largest lighting systems manufacturers. This
operation, the Group's thirteenth in China, demonstrates Valeo's
continuing commitment to the Chinese automotive market and further
strengthens its presence in the country.
The new company, Foshan Valeo Ichikoh Auto Lighting Systems Co.,
Ltd., is a 50/50 joint venture between Valeo and Ichikoh. It will
initially manufacture advanced automotive lighting systems for
Japanese carmakers based in China. A new 34,000 sq. m. plant, located
in Foshan, near Guangzhou, will start production in April 2007. When
fully operational, it will employ 400 people.
The Group also announced that it had increased its shareholding in
its other Chinese joint venture Hubei Valeo Auto Lighting Systems
Co., Ltd. from 75% to 100%.
The Foshan Ichikoh Valeo and Hubei Valeo lighting plants will work
closely with the 70 engineers at the Valeo Automotive Lighting
Systems China Technical Center in Wuhan.
"The Chinese market represents a key part of Valeo's future
growth. By creating this new joint venture with Ichikoh and taking
the full control of Hubei Valeo, the Group reinforces its presence in
Asia and its strategic position as a supplier of world class lighting
technology to all customers", said Thierry Morin, Valeo Chairman &
CEO.
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 134 plants, 68 R&D centers, 9
distribution centers and employs 70,400 people in 27 countries
worldwide.
For more information, contact:
Alexandre Telinge, Group Media Relations & PR Manager, Tel.:
+33-1-40-55-20-74
Matthieu de Crevoisier, Group Media Relations Coordinator,
Tel.: +33-1-40-55-37-68

Contact:

For more information, contact: Alexandre Telinge, Group Media
Relations & PR Manager, Tel.:
+33-1-40-55-20-74; Matthieu de Crevoisier, Group Media Relations
Coordinator, Tel.: +33-1-40-55-37-68

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