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Nissan Motor Co. and French car maker Renault SA said Wednesday they will boost joint parts procurement to 70 percent of purchases from 43 percent in January 2004.

Nissan and Renault currently jointly procure parts valued at $21.5 billion annually through Renault-Nissan Purchasing Organization, a joint procurement unit.

The increase will bring the value of jointly procured products to $33 billion a year, they said in a statement.

Nissan is 44 percent owned by Renault.

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