Valeo

The Société Anonyme Française de Ferodo was founded in 1923 in Saint-Ouen, near Paris. It first distributed brake linings and clutch facings under license of Ferodo Ltd UK.[3]

In 1932, the company diversified its activities to include the production of clutches. In the same year, it was listed on the Paris Stock Exchange.[4]

In the 1950s, the company expanded outside the Paris area, opening new factories in France.

The firm engaged in diversification by producing braking systems (1961), thermal systems (1962), lighting systems and electrical systems (1971-1978 and 1984).[5]

The 1960s saw the start of the company's international development first in Europe, especially in Spain and Italy, and then all over the world: Brazil (1974), the United States (1980), Tunisia (1984), South Korea and Turkey (1988), Mexico (1989), China (1994), India (1997), Eastern Europe (Poland and Czech Republic in 1995, Romania in 2002 and Slovakia in 2004) to total 33 countries at the end 2018.

In May 1980, the company was renamed Valeo, which means "I am well" in Latin.

Recent acquisitions include German automotive suppliers Peiker and Spheros in 2015, followed by FTE automotive in 2017.

In the early 2000s, Valeo initiated a new approach to innovation. Quickly, the Group became a world leader in parking assistance systems using ultrasonic sensors.[6]

In 2017, Valeo presented its low-voltage prototype electric vehicle at the Consumer Electronics Show in Las Vegas.[7]

Since 2009, CEO Jacques Aschenbroich's strategy has been based on: innovation linked to the reduction of CO₂ emissions and intuitive driving, and geographical expansion in high-growth potential countries, notably in Asia and in emerging countries.[8][1][9]

From 2009 to 2018, the number of employees increased from 45,000 to 113,600. The Group’s sales rose from €7.5 billion to €19.1 billion.[10] with a strong development in China.[11]

Valeo invests 11,8% of its sales in R&D and innovation. It has 17,900 research and development employees. In 2016 and 2017, the Group ranked as France’s leading patent filer.[12]

The Group employs 113,601 people in 33 countries throughout the world. It has 184 production plants, 55 R&D centers and 15 distribution platforms.

Sales (millions)[15]

• 2001: €10,234[16]
• 2002: €9,803[16]
• 2003: €9,234[16]
• 2004: €9,018[17]
• 2005: €9,736[17]
• 2006: €9,970[17]
• 2007: €9,555[18]
• 2008: €8,664[18]
• 2009: €7,499[19]
• 2010: €9,632[20]
• 2011: €10,868[21]
• 2012: €11,759[22]
• 2013: €12,110[23]
• 2014: €12,725[24]
• 2015: €14,544[25]
• 2016: €16,519[26]
• 2017: €18,600[27]
• 2018: €19,124[28]

Breakdown of sales by Business Group 2018

• Driving Assistance Systems: 19%
• Powertrain Systems: 26%
• Thermal Systems: 26%
• Visibility Systems: 29%

Operating margin (in % of sales)

• 2001: 3.8%[16]
• 2002: 5.0%[16]
• 2003: 5.0%[16]
• 2004: 4.9%
• 2007: 3.6%
• 2008: 2.6%[18]
• 2009: 1.8%[19]
• 2010: 6.4%[20]
• 2011: 6.5%[21]
• 2012: 6.2%[22]
• 2013: 6.8%[23]
• 2014: 7.2%[24]
• 2015: 7.7%[25]
• 2016: 8.1%[26]
• 2017: 8.0%[29]
• 2018: 6.3%[30]

Valeo, its directors and its corporate medical function have been indicted after a decade-long penal procedure in 2006 for homicide, unintentional injury, and failure to assist a person in danger regarding its former use of asbestos which caused the death of hundreds of employees over many years.[31][32]

Since, the Valeo Group has set up high health-security standards and has been thoroughly monitoring employees and retired personnel. This policy was ratified in a national agreement with the French government in April 2009. The group took a proactive approach to secure four former industrial sites with asbestos related issues.[33]

• Jacques Aschenbroich

• Official website