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LONDON (Reuters) – The British automotive industry company on Tuesday presented a government-backed program for suffering suppliers and will prevent further loss of tasks amid the coronavirus pandemic.
The safe harbor plan will allow several corporations to access critical suppliers without risking non-compliance with anti-competitive regulations when production collapses, Engine Manufacturers and Traders Company (SMMT) said.
Companies will work with clients, lenders and creditors to reduce the threat of insolvency, and the SMMT will facilitate the commitment so that steps can be taken to keep companies in business. At least 14,000 jobs in the industry have disappeared in 2020.
“(The program) provides valuable respite as the industry recovers and the trust of businesses and customers,” said Mike Hawes, CEO of SMMT.
(Report through Costas Pitas; edited through Michael Holden)