France’s struggling factories need investment. Is China the answer?
French companies fear competition from China, but the country could also play a crucial role in reinvigorating European manufacturing
Born and raised in the central French town of Châteauroux, Laurent Joly has spent his entire life working in local factories.
Throughout his 38-year career, Joly likely never thought that one day China would have a significant impact on his life, let alone that his job would be saved by a Chinese company.
But that is precisely what happened when Joly’s employer – the French automotive supplier Groupe Mécanique Découpage (GMD) – was acquired by the Suzhou-based Dongshan Precision Manufacturing (DSBJ) in May.
The deal will allow the struggling French industrial group to keep the lights on at its 15 factories in France, with DSBJ pledging not to make any job cuts for a year and to maintain at least 80 per cent of the company’s 1,800-strong French workforce the year after, according to Joly.