Valeo registers sharp decline in sales in first quarter of 2009
Plans to achieve annual savings of €600m
French auto parts supplier Valeo announced a 33.4% drop in net sales for the first quarter ended 31 March 2009. The company posted sales of €1.62bn in the latest quarter against the sales of €2.44bn in the first quarter of last fiscal year. Global automotive production declined 38% in the first quarter.
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