PARIS – French auto supplier Valeo SA plans to set up subsidiaries for its clutch and friction materials businesses in order to separate their results from that of the parent company. Valeo's other operations, such as lighting and electronics, already are organized as separate subsidiaries. Clutches were among Valeo's first products, so results of those operations have remained in central accounting, says a company spokeswoman. The plan requires approved by Valeo's Central Works Council, ...

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