Valeo cancels 2020 targets, gets one billion euros of new credit lines
Petre Barac
Posted On April 14, 2020
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French car parts group Valeo cancelled its 2020 financial targets because of the hit to its business from the coronavirus outbreak, although it got one billion euros in extra credit lines.
“Given the drop in business activity, which began to impact Valeo’s plants in Europe and North America in the last two weeks of March, and the lack of visibility regarding when the crisis will end, the 2020 financial objectives announced by Valeo in connection with its 2019 full-year results are no longer valid,” Valeo said in a statement.
Valeo said that after securing the new credit lines from its banks, it now had 2.3 billion euros in total of undrawn credit facilities.
