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Valeo Group | | 1 min

Valeo commits to maintaining jobs in France

Paris, September 30, 2020 – Valeo announces that today, Wednesday, September 30, 2020, it has signed a majority agreement for competitiveness and collective performance with French unions CFE-CGC and FO.

Three months ago, faced with an automotive sector severely impacted by the crisis caused by the pandemic, Valeo’s management began discussions with labor organizations aimed at preserving the competitiveness of its sites in France.

All matters were discussed openly. The Agreement for Competitiveness and Collective Performance, which is the fruit of eight rounds of negotiations, will reduce payroll costs and preserve the competitiveness of the Group’s French operations, with no impact on jobs. Under the agreement, Valeo has made a firm commitment to keep all of its sites open and refrain from any compulsory redundancies in France over the next two years.

Jacques Aschenbroich, Valeo Chairman and Chief Executive Officer, commented: “We have chosen the collective bargaining route in order to involve the labor organizations in the decisions that need to be taken in response to the crisis. The results of these negotiations show that this was a wise choice. And, as we have done over the past ten years, a period during which we have invested almost 2 billion euros in France, we will continue to invest in new technologies such as 48V”.

Valeo employs some 13,500 people in France across 23 plants and 14 R&D centers.

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