French auto parts supplier Valeo wants to double its operating margin
By Andrew C., 30 Aug, 2010. 0 Comments
Valeo SA expects a turnaround of global automotive production in 2010. The French auto parts supplier may have posted a 14% drop in full-year sales and a net loss but it still aims to double its operating margin in 2010 from 2009 levels.
Valeo also anticipates sustained growth in the first half. In a report last Wednesday, Valeo stated that it expects North America to show a recovery. It thinks that Asia will continue to improve and that Europe will have a slight decrease in production due to the ending of the incentive schemes. In 2009, the group had recorded an operating margin of 133 million euros ($180.2 million) or 1.8% of sales, compared with 230 million euros or 2.7% of sales in 2009. The group said its full-year sales dropped 14% to 7.499 billion euros. In China, which overtook the US car market as the world's biggest in 2009, Valeo‚ sales went up 46% to 448 million euros in 2009.
[via autonews - sub. required]
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