Valeo: prepares additional savings (FT)
(CercleFinance.com) - According to the boss of the French automotive supplier interviewed by the Financial Times (FT), Valeo is preparing new savings measures, ahead of a difficult year in 2019.
The group announced cost reductions of 100 million euros last year, with two profit warnings, even though the automotive market was turning round.
Jacques Aschenbroich, Valeo's CEO, said in the British business daily that market volatility is stronger today than in the past and we are acting as though the trend will be more difficult this year.
Therefore, Mr Aschenbroich announces that the group is preparing a new package of savings measures, although so far has not quantified them. The group maintains its long-term strategic course, the FT adds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The group announced cost reductions of 100 million euros last year, with two profit warnings, even though the automotive market was turning round.
Jacques Aschenbroich, Valeo's CEO, said in the British business daily that market volatility is stronger today than in the past and we are acting as though the trend will be more difficult this year.
Therefore, Mr Aschenbroich announces that the group is preparing a new package of savings measures, although so far has not quantified them. The group maintains its long-term strategic course, the FT adds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.