💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Renault, Peugeot commit to raise orders from troubled parts maker: ministry

Published 05/21/2017, 01:04 PM
Updated 05/21/2017, 01:10 PM
© Reuters. A Renault logo covered with mud and dust is seen on a car in Paris
PEUP
-
RENA
-

PARIS (Reuters) - French car makers Renault (PA:RENA) and Peugeot (PA:PEUP) have committed to increasing their orders from ailing components-maker GM&S Industry after their chief executives spoke with Economy Minister Bruno Le Maire, his ministry said on Sunday.

The future of the company, which employs 277 people in central France and is facing liquidation, was a priority of President Emmanuel Macron's new administration, a government spokesman said on Wednesday.

Renault agreed to raise its orders by 5 million euros to 10 million while PSA committed to lifting its purchases by 2 million euros to 12 million, the ministry said in a statement.

© Reuters. A Renault logo covered with mud and dust is seen on a car in Paris

"These commitments will allow the firm in 2017 to reach a turnover close to 25 million euros, and make it possible for it to continue operations and pursue takeover discussions," it said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.