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BRIEF-PSA, SAIPA finalise deal for Citroen JV in Iran
October 6, 2016 / 3:46 PM / a year ago

BRIEF-PSA, SAIPA finalise deal for Citroen JV in Iran

Oct 6 (Reuters) - PSA Group statement:

* PSA group, SAIPA have signed a joint-venture agreement to produce and sell Citroen vehiclues in Iran

* The 50/50 joint-venture lays the foundations for a strategic partnership between the two companies.

* Manufacturing will take place at the Kashan plant in Iran, which will be 50 pct owned by PSA Group.

* The joint-venture will invest more than 300 million euros in manufacturing and R&D capacity over the next five years.

* The agreement will be backed up by technology transfers and a significant level of local content.

* Citroen models will be sold throughout the country via a network dedicated exclusively to the brand. No less than 150 Citroen outlets will open in the next 5 years.

* Source text for Eikon: Further company coverage: (Reporting By Dominique Vidalon)

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