Automotive Industry

Valeo will close up to 5 factories in 2005.(News)(Valeo Automotive Inc.)(Brief Article)

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Byline: Harald Hamprecht

Valeo plans to reduce its dependence on the European auto market, says CEO Thierry Morin.

The French supplier also will close up to five factories, Morin said at the 2005 Center of Automotive Research symposium here.

About 70 percent of Valeo's sales are in Europe.

"By 2010, we would like to reduce the figure to 50 percent," said Morin.

In North America, Valeo would like to increase its business to more than 22 percent of the company's total sales from 18 percent.

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In Asia the target is more ambitious: from 8 percent to 22 ...