November 16, 2017 / 5:29 PM / a year ago

PSA CEO says failure of Opel recovery plan would be serious for staff, company

Chairman of the Managing Board of PSA Group Carlos Tavares attends a news conference in Ruesselsheim, Germany November 9, 2017. REUTERS/Ralph Orlowski

BERLIN (Reuters) - PSA Group (PEUP.PA) Chief Executive Carlos Tavares said a failure of turnaround efforts at Opel would spell “very serious” consequences for workers at the German division and the company as a whole.

PSA has given Opel until 2020 to return to profit as part of a recovery plan aimed at shifting the German brand’s model lineup onto PSA’s architecture, with the French parent pursuing 1.7 billion euros (£1.5 billion) in savings from its acquisition of Opel.

“If it doesn’t succeed it will be very serious for the company and of course for the employees,” Tavares said on Thursday at a conference in Berlin.

Reporting by Andreas Cremer; Editing by Tom Sims

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