The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.3 - Manufacture Of Parts And Accessories For Motor Vehicles
1,150 jobs Number of planned job losses
Announcement Date
18 January 2024
Employment effect (start)
18 January 2024
Foreseen end date
Description
The French manufacturer of automotive components Valeo has announced that it will cut 1,150 jobs worldwide, including 735 positions in Europe.
So far, Valeo announced a restructuring programme in France where the company plans to cut 235 positions, primarily in managerial roles, in facilities in Cergy, Créteil and La Verrière. The conditions of the programme will be negotiated with employee representatives according to local regulations.
The lay-offs are part of a business reorganisation towards a more agile and coherent organisation. The programme is associated with the merger of two divisions, which manufacture parts for hybrid and electric vehicles. The company is to cut operational costs due to automotive market stagnation.
Headquartered in France, Valeo is a leading global supplier of products to automakers and the aftermarket. The group employs 109,900 staff in some 30 countries worldwide. Valeo has 183 production sites and 65 R&D centres.
Eurofound (2024), Valeo, Internal restructuring in World, factsheet number 200702, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200702.
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