Today 09/27/2016 - 05:29:54 PM
Peugeot SA 13.180€
CAC 40 4,392.71 PTS
Agreement Officially Signed to Build PSA Peugeot Citroën Plant in Kaluga, Russia
PSA Peugeot Citroën has signed a cooperation and investment agreement with the Kaluga Regional Government, in a Moscow ceremony in the presence of the Minister of Economic Development and Trade of the Russian Federation.
The agreement defines the conditions under which a PSA Peugeot Citroën assembly plant will be built in the city of Kaluga, located 180 kilometres southwest of Moscow. The new facility will be built on a site totalling 200 hectares, of which 50 will be dedicated to a supplier park. Investment will total 300 million euros for this assembly plant with a capacity of 150 000 units per year.
Signature of the agreement means that PSA Peugeot Citroën can quickly begin construction, with the cornerstone expected to be laid by the end of first-half 2008.
Scheduled to come on stream in 2010, the new plant will produce medium size cars to meet the strong growth in demand for this segment, which accounts for 60% of cars sold in Russia.
Russia is one of PSA Peugeot Citroën’s priority growth markets, where the Group plans to sell 100,000 Peugeot and Citroën vehicles in 2010, with a commitment to eventually raising this number to 300,000 a year.