Renault, Peugeot commit to raise orders from troubled parts maker
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French car makers Renault and Peugeot 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.
“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.
Questions & Answers
Q.What commitments have Renault and Peugeot made to GM&S Industry?
What commitments have Renault and Peugeot made to GM&S Industry?
Renault has agreed to increase its orders by 5 million euros to a total of 10 million. Peugeot committed to lifting its purchases by 2 million euros, bringing its total to 12 million.
Q.What is the expected outcome of these increased orders for GM&S Industry?
What is the expected outcome of these increased orders for GM&S Industry?
The commitments are expected to allow GM&S Industry to reach a turnover close to 25 million euros in 2017. This will enable the company to continue operations and pursue takeover discussions.
Q.How many people does GM&S Industry employ and where is it located?
How many people does GM&S Industry employ and where is it located?
GM&S Industry employs 277 people. The company is located in central France and is currently facing liquidation.
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