We have the financial situation which the

The crisis is not yet completed in the global automotive, but Valeo has decided to put gear and gives himself new targets in the medium term.

A meeting with financial analysts yesterday, the Director-General of the second French automotive OEM, Jacques Aschenbroich, in place since almost a year, detailed how he envisions the next years and the priorities it sets. For the group, the engine of growth must come from the technologies related to the reduction of CO2 emissions, field when it has doubled its sales to reach EUR 1 billion from 2013. Geographically, Valeo has affect two thirds of its investments in emerging countries (China, India, Thailand, Turkey...), and is "organic growth superior to that of the automobile production in each of its areas of production.

Financially, it is now a turnover of EUR 10 billion in 2013, 7.5 billion last year, an operating margin of 6 to 7 in the same period from 1.8 and a return on capital employed of the order of 30, against 12 to 15 before the crisis.

Internally, the company refocused its organization on four clusters instead of 11, turning the page on its mode of operation very fragmented, which date to the bulk of the era Goutard. Unlike his compatriot Faurecia, Valeo has for the time being not really done its market among competitors in difficulty, preferring to get out of the turbulence by organic growth. But Jacques Aschenbroich did not waive "very structuring transactions", if they make sense, he says in the interview he granted us.

Since your arrival in Valeo, you pointed out the lack of growth of the group over the last decade. How do you address them

I want to enable Valeo to reconnect with a strong and sustainable organic growth. We will concentrate our investments on two levers of growth: the decrease in emissions of CO2 and emerging countries. The first thing that I made in arriving at Valeo, is to restart the research projects on the electrification of the vehicle. Environmental issues are a real bottom blade in the car, it is not only a straw fire. Seen with adolescents coming age of lead that the report of the individual to the automobile is changing. Some 70 to 80 of our product lines will be affected by these developments, that these technologies are related to power or energy in a car, such as air conditioning, lighting, or the wiping.

How to not invest too heavily, to not commit your resources instead of manufacturers

It is a real issue. The issue is well to invest, but not too much. We adopt a very modular approach. Probably more that a number of competitors, unavoidable in these areas. With the "stop and start" (which cut the engine at a red light, Editor's note), we had an undeniable advance coup, but there was no doubt at a time we too strong belief on the future of the "micro-hybrid" and skepticism on the rest of hybridization. Now, this is corrected and we focus on the hybridization and the electrification of the vehicle.

How will lead to the strengthening of the group in emerging countries

We already have a good position in China. On some product lines, we have built an industrial base which allows us to achieve significant market share. But we are not sufficiently present in India, South East Asia and Turkey. In 2013, automobile production in mature countries will be less than or equal to the pre-crisis and we have the capacity to respond to the request. We will therefore maximum limit our investments in these countries and devote the bulk of our financial resources to growth areas: my objective is to increase the share of our investments in emerging countries to two-thirds of the total, compared to 50 today.

Don't you be afraid of being shown as Renault by the Government, blamed too manufacture abroad

Valeo produces much more France than what it sells. And our research and development is predominantly based in France. The merits of the subject, it is rather our competitiveness. What strikes me is that, in ten years, the average hourly cost of the France, with charges, has become higher than the Germany. It is a matter of concern for us, business, and certainly for the public authorities. We never competitive with China, but it must be that we are from our European neighbours.

You have removed four plants in the world last year. Are you going to continue at the same pace this year

One thing is clear: if he had to recreate Valeo nothing, we would not the industrial presence that we have today in Western Europe. Our implementation would be more collected, with size larger and fewer sites. It is a fact: a company is the result of its history. At this stage, there is no closure of site in Europe. But long term forecasts are difficult. If we again face a brutal recession, we consider a new cost reduction program. We closely follow a number of sites that are structurally in loss to ensure that they find the path to profitability.

How many time give you activity to recover

I have the obsession of profitability because it is profitable that we will be able to invest. When we do forecast over the medium term, all our poles reach our goals of profitability, growth and global positioning. If the facts did not give us reason, these activities would not have vocation to stay at Valeo.

You just sell activity of Correctors of scope for the headlights. Are other transfers to study

This activity is almost 30 of its turnover in delivering Valeo competitors and it will record better growth by being free to sell to other external clients. We are permanently thinking to find out if we produce ourselves our components or buy them, which could lead to assignments in the coming months.

The internal reorganization has been launched this week. After 5,000 departures announced by your predecessor end of 2008, will the Group workforce still decrease

The consolidation of our 11 branches in 4 poles will lead to a further reduction of the workforce of approximately 600 people in the world on a total of 52,000 employees. The goal is to implement this new organization here in 2011.

Valeo hope play "Consolidators" in the automotive industry. But some such as Faurecia started faster than you procurement. Is it not time to take action under penalty to steal good business

I think that there are two types of transactions. There are the acquisitions of proximity. It looked a number. But I do not want to buy companies that lose money, even paying little expensive. Rather than to acquire additional concerns, I prefer to pay a little more, for companies who earn well their lives and that complement our portfolio of activities. After that, there are very strategic operations. By definition, there is not fifty. Operations of this type, we will do, provided that they make sense. We have the financial situation which the. But first, he must find the way of organic growth. A business that happens may make acquisitions and integrate them. It is by having a return "to the top" that we can play this role of combat and participate in these movements transformants.