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Industry: Email Alert RSS FeedRenault plans to have zero debt by 2005.(News)(Brief Article)
Automotive News Europe, May, 2003
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Byline: Sylviane de Saint-Seine
Renault will erase its debt in three years, Chairman Louis Schweitzer said, a few hours after the French carmaker's Nissan unit announced it had cleaned up all its net automotive debt in 2002 thanks to record profits.
"We want to have zero debt by the end of 2005," Schweitzer said during the recent Barcelona auto show.
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From a [euro]1.6 billion cash surplus in 1998, Renault swung into an automotive debt of [euro]4.8 billion at the end of 2000, half its shareholders' equity. That was after the French company went on a buying spree, ...
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