July 3, 2018 / 9:47 PM / a month ago

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

PARIS (Reuters) - 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 PSA Group logo is pictured during a news conference to announce the company's 2017 annual results at their headquarter in Rueil-Malmaison, near Paris, France, March 1, 2018. REUTERS/Benoit Tessier

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 (£441.8 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, including at Opel’s historic headquarters in Russelsheim, and according to the document the sale could happen by the year-end.

“No decisions have been taken yet,” PSA said in a statement.

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

Reporting by John Irish and Benjamin Mallet; editing by David Evans and Grant McCool

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