Valeo plans large-scale restructuring in Europe, expects to cut more than 1,000 jobs

Valeo is implementing a large-scale restructuring plan to cope with the changes in the European automotive industry. The plan is expected to cut more than 1,000 jobs in Europe and close two factories. Among them, about 900 job cuts will affect employees in France, and another about 200 job cuts will involve factories in the Czech Republic, Germany and Poland. Most of the positions cut are management and logistics staff, while about 200 production workers can choose to leave voluntarily.