On 20 February, Valeo’s Board of Directors approved the project to transform Valeo into a European company (Societas Europaea, SE).
The legal status of European company will better reflect the European dimension of the group with regard to all stakeholders, in particular employees and customers. Of the 115,000 employees of the group, 47,500 are located throughout Europe, with a strong presence notably in France, Germany, Poland, Spain, Czechia, Hungary and Romania. And practically all European automakers are Valeo customers.
The transformation won’t affect Valeo’s stock market listing or change Valeo’s governance.
The project will be submitted to Valeo’s General Shareholders Meeting to be held on 26 May, 2020.
In 2004, the European Union has adopted a regulation establishing the statute for a European company and a related directive concerning the participation of workers in European companies. This legislation allows companies to reduce their administrative costs and provides them with a legal structure adapted to the internal market, avoiding the legal and practical constraints which result from the multiplicity of national legal orders.