PSA seeks partial sale of Opel R&D unit - Le Monde

Updated: Wed, Jul 04, 2018
02:45 am
Reuters
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Carmaker PSA
is looking to sell part of the research and development arm of its Opel affiliate as part of efforts to restore profitability to the loss-making unit, Le Monde newspaper reported on Tuesday.

The newspaper said PSA and Opel had already sounded automobile engineering firms over the last few months so that they can submit offers for four sections of the unit that are valued at about 500 million euros ($583 million) in total.

It said four firms, Altran, Akka and Segula, all French, and German company Bertrandt had been approached. Citing an internal document from mid-May, the newspaper said the sale would cover Vehicle Engineering, Propulsion Engineering, Tool & Die Operations and the test centre.

The sections employ about 3,980 people and according to the document the sale could happen by the year-end.

PSA last year bought loss-making Opel and British sister brand Vauxhall from General Motors in a $2.6 billion deal.

PSA did not immediately respond to requests for comment.($1 = 0.8582 euros)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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