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Renault, Peugeot commit to raise orders from troubled parts maker - ministry | Reuters

PARIS French car makers Renault and Peugeot have commited 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. (Reporting by Sybille de La Hamaide; editing by Richard Lough)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Published Date: May 21, 2017 23:30 PM | Updated Date: May 21, 2017 23:30 PM

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