November 16, 2017 / 5:29 PM / 4 months ago

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

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.

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

    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

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below