PARIS -- Car part maker Valeo SA could buy businesses from struggling U.S. rivals Delphi Corp. and Visteon Corp., the French company's head told a French newspaper in an interview published on Tuesday.
"The weakness of Delphi and Visteon, two market leaders, should allow us to win market share or make acquisitions," Valeo Chairman Thierry Morin told Le Figaro daily. "Delphi like Visteon should be open to propositions from equipment makers such as Valeo. Some of their activities could interest us."
Delphi, the largest U.S. car parts supplier, has filed for Chapter 11 bankruptcy protection, while Visteon is restructuring its business as the sector struggles with higher raw material prices and pressure by U.S. car makers to cut costs.
Morin said Valeo's debt-to-equity ratio gave it flexibility to make acquisitions and temporarily raise it from its current level of 70 percent.