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Article: European auto suppliers seek EU financial support.(News)(briefs )
- Article from:
- Rubber & Plastics News
- Article date:
- February 23, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Arjen Bongard
BRUSSELS, BelgiumAutomotive suppliers in Europe are seeking nearly $13 billion in loans from the European Investment Bank to help them cope with a growing cash shortage.
Supplier company executives have been discussing the establishment by the EIB of a new lending vehicle that will specifically aid small and mid-sized suppliers. The EIB is an independent bank owned and operated by the EU, and lends money in support of EU policy objectives.
Lars Holmqvist, CEO of CLEPA, the European suppliers association, said suppliers urgently need help because orders have dried up and payments from auto maker clients have been delayed. ...