Peugeot bailed out, Ford to shut Belgian plant

Oct 24, 2012, 10:37 AM EDT
French Minister for Industrial Recovery, Arnaud Montebourg (2ndL), and PSA Peugeot Citroen's chairman of the directory board Philippe Varin (C) listen to the director of the Francaise de Mecanique, Philippe Coene (L), during a visit of the motor car builder Francaise de Mecanique on October 8, 2012 in the French northern city of Douvrin. PSA Peugeot Citroen unveiled a government-backed refinancing deal for its lending arm Wednesday as the struggling French automaker's financial position deteriorated further
AFP/Getty Images/PHILIPPE HUGUEN

PSA Peugeot Citroen unveiled a government-backed refinancing deal for its lending arm as the struggling French automaker's financial position deteriorated further. Ford Motor Co said it will close a Belgian factory employing 4,300 workers by the end of 2014, shifting production to Spain as it tries to save money and stem European losses. Peugeot and General Motors announced plans to step up their eight-month-old car-making alliance, aiming to cut costs by sharing production. Volkswagen stuck to its targets for sales growth and stable profit this year, underscoring its strength compared with European competitors such as Peugeot.

 

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