Valeo SA plans to cut around 1,000 jobs in Europe and shut down two manufacturing plants in France due to challenges in the automotive sector and competition from cheaper Chinese products.
The French automotive parts manufacturer intends to carry out 694 forced exits and 174 voluntary departures across eight locations in France.
The closures will impact the La Suze-sur-Sarthe and La Verrière sites. This decision reflects the difficulties faced by European manufacturers in maintaining their market position amidst growing competition from abroad.