French automotive industry supplier Mécaplast has received €55m from FMEA – a fund for auto suppliers which was launched by the French government earlier this year – according to a Reuters report.
Reuters reported that FMEA – le Fonds de Modernisation des Equipementiers Automobiles –says it is investing the money as equity capital to help Mécaplast “support industrial projects and improve competitiveness”.
Mecaplast has not responded to requests from European Plastics News to confirm the scale of the funding or what it plans to do with it.
The French moulding group specialises in plastic automotive parts, such as heating systems, interior bodywork and metal/plastic paints for car exteriors. The group has some 6,000 employees – 3,000 in France – and achieved annual turnover of €600m in 2008.
Last month, Mécaplast announced a large-scale restructuring plan, which includes more than 700 job losses and site closures.
The French government announced the creation of FMEA in January this year as part of plans to support the country’s automotive industry during the economic downturn. So far, FMEA has invested €160m in six auto suppliers in France.