PARIS: President Francois Hollande on Saturday denounced a plan by carmaker PSA Peugeot-Citroen to cut 8,000 jobs as unacceptable, and said it must be renegotiated.
The struggling French carmaker announced the cutbacks Thursday, along with its intention to close a major factory north of Paris. Employees staged a protest the same day, and unions are calling for more.
In his Bastille Day interview on French television, Hollande said the plan was a “shock” for workers, their families and their communities.
He told two interviewers from the major television networks TF1 and France-2 that the “plan is not acceptable as it stands and therefore it will not be accepted.”
Hollande, who took office in May, said the government wants an expert to assess Peugeot’s finances and make recommendations for the company. He added that the government would soon unveil a plan for the car industry, including incentives to buy French-made cars.
Hollande campaigned for the presidency on a promise to “re-industrialize” France, reinvigorate its manufacturing sector and prevent jobs from going to Asia. Sorting out France’s car industry may be his first big test on that front.
Peugeot-Citroen, like its peers, is struggling, warning that it faces a first-half loss of €700 million ($850 million) this year. The company wants to save €1 billion as it tries to compete in Europe’s stagnant car market. It is suffering particularly amid a slump in sales in the recession-hit south of Europe, and saw sales plunge 20 percent in Europe in the first quarter.
But Hollande wouldn’t let the wider European economy take all of the blame for Peugeot’s troubles. He said the company shares responsibility and accused its management of holding back the cost-cutting plan until after he took office, saying that the delay amounted to a lie.
During the campaign, French media reported that advisers for then-President Nicolas Sarkozy, who ran against Hollande, were pressing company executives to avoid announcing big layoffs.
French president says Peugeot plan is unacceptable, seeks renegotiation
French president says Peugeot plan is unacceptable, seeks renegotiation
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
