Valeo swings to first-half loss, cuts costs due to coronavirus hit

Europe

PARIS — French supplier Valeo said Tuesday it swung to a 1.2 billion euro ($1.4 billion) loss in the first half of 2020, after production was hit by the coronavirus crisis, and that it had cut some 10 percent of staff among measures to reduce costs.

The company recorded 622 million euros ($716 million) of one-off charges in the period and said it had taken measures to contain cash expenditures as it works to recover from the pandemic. It has already cut 12,000 jobs and said it was slashing investments.

Valeo, which posted a 28 percent slide in comparable revenues, said business had begun to pick up again in China and the United States, but added the recovery was slower elsewhere, including in Europe.

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