Birth of a European Champion: Opel and Vauxhall Join Groupe PSA
01 August 2017 - 8:46AM
Business Wire
- Closing of the acquisition of Opel
and Vauxhall by Groupe PSA, announced on March 6th
2017
- The new Group positions Groupe PSA
in second rank in Europe with a market share of 17% in the first
half of 2017
- Michael Lohscheller, CEO of
Opel/Vauxhall will present in 100 days the strategic plan drawn up
by the Opel/Vauxhall teams with the support of Groupe PSA
Regulatory News:
Groupe PSA (Paris:UG) today announces the closing of the
acquisition of GM subsidiaries Opel and Vauxhall, a project that
was signed on 6 March 2017.
With Opel and Vauxhall, Groupe PSA becomes the second largest
European car manufacturer, with a market share of 17% in the first
half. Building on this transaction and now with five complementary,
well-positioned car brands, Groupe PSA will strengthen its presence
in the major European markets and this will serve as a foundation
for profitable growth worldwide.
From today, Opel and Vauxhall are committed to building a
strategic plan with Groupe PSA’s support, aimed at re-establishing
economic fundamentals. The Opel and Vauxhall teams will present
this plan in 100 days and will ensure its execution, boosted by
synergies generated by the new Group, estimated to circa 1.7
billion euros per year in the mid term.
The closing of this transaction marks a major step in Groupe
PSA's development, which it has been possible to take thanks to the
strong commitment of the teams involved. The Supervisory Board
would like to thank Chairman Carlos Tavares and CFO Jean Baptiste
de Chatillon for their key role in this transaction as part of the
Managing Board. With regard to the challenges facing Groupe PSA, it
considers it necessary to incentive them on the implementation of
the Opel recovery plan, under conditions to be specified at a later
date.
In parallel, the acquisition of GM Financial's European
operations is under way, subject to validation by the different
regulatory authorities and is planned for the second half of
2017.
Carlos Tavares, Chairman of the Managing Board of Groupe PSA,
comments: “We are embarking today with Opel and Vauxhall on a new
stage in Groupe PSA's development. This project became a reality
with a few months only, thanks to the outstanding work of the teams
and I want to thank them warmly. We will grasp this opportunity to
build on one another's strengths and to attract new customers,
thanks to the implementation of the performance plan that Opel and
Vauxhall will implement. In parallel, the execution of the Push to
Pass plan remains a top priority for the teams, they are focused on
achieving the objectives. We have confidence in the momentum that
these strategies will create, to the benefit of all
stakeholders.”
Link to the video: Birth of a European championLink to media
library Groupe PSA: pictures and videos
About Groupe PSA
With sales and revenue of €54 billion in 2016, the Groupe
PSA designs unique automotive experiences and delivers mobility
solutions that provide freedom and enjoyment to customers around
the world. The Group has three car brands, Peugeot, Citroën and DS,
as well as a wide array of mobility and smart services under its
Free2Move brand, to meet the evolving needs and expectations of
automobile users. The automobile manufacturer PSA is the European
leader in terms of CO2 emissions, with average emissions of
102.4 grams per kilometre in 2016, and an early innovator in
the field of autonomous and connected cars, with 2.3 million
such vehicles worldwide. It is also involved in financing
activities through Banque PSA Finance and in automotive equipment
via Faurecia. Find out more at groupe-psa.com/en.Media library:
https://medialibrary.groupe-psa.com/ / Twitter: @GroupePSA
Communications Division - www.groupe-psa.com/en
- +33 1 40 66 42 00 - @GroupePSA
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