On July 7 Valeo announced the setting up of a new Research and Development centre in Shanghai. This technical centre will design advanced climate control systems for Chinese, Japanese and European carmakers. This latest development is part of Valeo's strategy to expand its presence in the fast-growing Chinese automotive market.

When fully operational, the new technical centre will accommodate up to 60 highly qualified engineers and technicians who will initially focus on developing automotive climate control systems for Japanese and European customers. Valeo enjoys a leading position in its climate control activity and is a supplier of complete Heating Ventilation and Air Conditioning (HVAC) systems to major carmakers in China.

"With its 12 production facilities and two technical centres employing more than 2,000 people, Valeo is in a good position to serve both Chinese and global automakers. This new R&D centre demonstrates Valeo's continuing commitment to the Chinese automotive industry and strengthens the Group's 12-year presence in the country," said Thierry Morin, Valeo chairman and CEO. Valeo ranks among the world's top automotive suppliers. The Group has 134 plants, 68 R&D centres, 9 distribution centres and employs 70,400 people in 27 countries worldwide.