Valeo Warns of New Cost Cuts
Paris-based parts supplier Valeo SA is developing a new cost-cutting budget for 2019 to follow €100 million ($115 million) in reductions imposed last year.
Valeo CEO Jacques Aschenbroich tells the Financial Times that new measures will be necessary to counter record-high volatility in the market. He says the company is in the budget phase of determining the size of the cutback.
Last year Valeo issued two profit warnings and saw its stock price plummet 59%. The company has been hurt by China’s sagging car market, which analysts believe contracted in 2018 for the first time in six years.
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