The Epic American Credit and Bond Bubble Laboratory Message Board

To: MoneyPenny who wrote (100030)	11/30/2008 9:47:24 AM
From: Haim R. Branisteanu	of 109993

Renault to halt production at Russian plant 28 November, 17:15 \| MOSCOW (AP) - French carmaker Renault said Friday it will halt production at its Moscow plant for more than two weeks in December as the global financial crisis crimps demand for cars. "It was the only reasonable decision," said company spokeswoman Olga Sergeyeva. "By doing this, we'll be able to save all jobs in our company." The Paris-based company said it would shut down production from Dec. 12 to Dec. 31, the period just before Russia's 10-day January holiday when the plant will be closed anyway. The company said the decision was made after sale volumes in Russia dropped off in October and November, with the trend expected to continue into December. Until just a couple of months ago, foreign automakers were looking to the high demand in Russia to bolster flagging sales in the more saturated Western markets. Renault, which cut its full-year profit target last month after a steep decline in demand across Europe, produces its Logan model at the Avtoframos plant, where production is about 330 cars per day, or 80,000 per year. The plant also regularly shuts down for a month in the summer. kyivpost.com