PSA finalises Vauxhall takeover
01 August 2017
Author: Daniel Puddicombe
The PSA Group has confirmed it has taken over Vauxhall and Opel, completing the purchase of the former General Motors subsidiaries.
PSA - which makes Citroen, DS and Peugeot vehicles - announced its intention to buy Vauxhall and its European arm Opel in March.
With the completion of the sale, PSA said it is now the second-largest European car manufacturer after Volkswagen, with a 17% market share in the first half of 2017.
PSA added that in 100 days' time it would present a plan to bring Vauxhall back into profit.
"We are embarking today with Opel and Vauxhall on a new stage in Groupe PSA's development," said Carlos Tavares, chairman of the managing board of Groupe PSA. "This project became a reality within a few months only, thanks to the outstanding work of the teams and I want to thank them warmly. We will grasp this opportunity to build on one another's strengths and to attract new customers, thanks to the implementation of the performance plan that Opel and Vauxhall will implement."
He added: "In parallel, the execution of the Push to Pass plan remains a top priority for the teams; they are focused on achieving the objectives. We have confidence in the momentum that these strategies will create, to the benefit of all stakeholders."
In June, Vauxhall/Opel announced that Michael Lohscheller had been named as its new CEO, taking over from Karl-Thomas Neumann.
At the time, Vauxhall/Opel said his appointment would "ensure continuity for the business and its stakeholders as well as a seamless managerial transition with the priority task to build the new strategic plan for Opel".
"We will stay on the current path and continue to gain strength as part of the Groupe PSA," Lohscheller said. "After the closing of the transaction, a new European champion will emerge. I am looking forward to the new task and to working together with the management team to implement a successful future plan for the benefit of all 38,000 Opel/Vauxhall employees and its stakeholders."