Peugeot’s owner acquires Opel and Vauxhall
06/03/2017
The deal, which will see PSA acquire the Opel and Vauxhall brands, will make PSA Europe’s second largest car-maker, behind Volkswagen.
Carlos Tavares, chairman of PSA’s board, said: "We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees.”
PSA announced it would make savings of £1.47 billion a year by 2026 in an effort to return the brands to profit. Most of these cuts will be made by 2020. However, it gave no indication of whether this would result in any job losses.
For her part, the chairman and CEO of General Motors, Mary Barra, said she believed the deal would put Opel and Vauxhall in “an even stronger position for the long term”.
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