France remains to be ‘vigilant’ to Renault job cuts, closures

BRUSSELS: French Finance Minister Bruno Le Maire (pictured) warned on Tuesday that France will remain extremely vigilant to potential plant closures and job cuts at carmaker Renault and would play its “full role” as shareholder.
The French carmaker, suffering from slumping sales and a poor performance by Japanese partner Nissan, last week did not rule out shutting factories and cutting payroll to trim costs.
The company last week announced a net loss of 141 million euros ($152 million) for 2019, the first full year without former emblematic CEO Carlos Ghosn who was arrested in Japan over allegations of financial misconduct before absconding.
“We will be very vigilant about the preservation of employment and industrial sites in France,” Le Maire said on the sidelines of a meeting with his European Union counterparts in Brussels.
France “will play its full role, as a reference shareholder in Renault, to ensure that the choices that are made are not made to the detriment of employment or industrial sites,” he added.
Tied in a global alliance since 1999, Renault and Nissan have been at loggerheads since Ghosn’s ouster, with both sides squabbling over the ensuing boardroom chaos and slumping performance.
“Renault needs to adapt and of course there is a need for a strategy for the Renault-Nissan alliance. But we need to engage in a dialogue,” Le Maire said. — AFP