October 26, 2020

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    PSA is seeking to sell part of the research and development arm of its Opel affiliate as it makes efforts to revive profitability to the loss-making unit, Le Monde newspaper reported on Tuesday.

    The newspaper stated PSA and Opel had already sounded automobile engineering companies over the last few months so that they can submit offers for four sections of the unit that are estimated at about 500 million euros ($583 million) in total.

    It stated four companies, Altran, Akka and Segula, all French, and German company Bertrandt had been approached. Mentioning an internal document from mid-May, the newspaper stated the sale would cover Vehicle Engineering, Propulsion Engineering, Tool & Die Operations and the test centre.

    The sections has hired about 3,980 people and according to the document the sale could occur by the year-end.

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

    PSA did not immediately replied to requests for discussion.


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