of April 17, 2002
Valeo announces tentative agreement between Valeo Electrical Systems Inc. and Union Leadership
Paris - Valeo announced that its US subsidiary, Valeo Electrical Systems Inc. (VESI) had reached a tentative agreement with the IUE-CWA Local 509 union leadership on amendments to the current labor contract. The agreement is subject to approval by bargaining unit employees, who are scheduled to vote on ratification on May 5.
VESI filed for voluntary reorganization under Chapter 11 of the US Bankruptcy Code on December 14, 2001 to protect its operations in the face of its difficult competitive situation. Both VESI and the Unions have agreed not to provide public comment on the details of the tentative agreement prior to ratification. If ratified, the agreement would represent an opportunity to secure a long-term future for VESI in Rochester (New York).
VESI manufactures automotive wiper and airflow systems, motors and other components in North America for sale to car and truck manufacturers, component suppliers and other customers. VESI's manufacturing operations are primarily located in a facility in Rochester.
(April 15, 2002)