Today 04/23/2014 - 05:35:00 PM
Peugeot SA 13.445€
CAC 40 -1.28 PTS
PSA Peugeot Citroen and General Motors today confirmed important steps toward the execution of their Global Strategic Alliance. Consistent with terms of the Master Agreement signed Feb. 29, the Alliance partners have selected four vehicle projects and confirmed the next steps in joint purchasing organization.
The four common vehicle projects selected to move to the next step encompass the following segment entries for both groups:
The Alliance aims to launch the first vehicles on these common programs by the end of 2016.
All four projects will be developed combining the best platform architectures and technologies from the Alliance partners.
The Alliance partners also confirmed the next steps in their joint purchasing organization. This collaborative effort will draw on the combined purchasing reach of both companies to realize purchasing synergies benefitting both companies. The joint purchasing organization will be subject to customary antitrust approvals.
Based on the above programs and the joint purchasing organization, both companies confirm the previously stated synergy target of $2 billion annually achievable within five years.
With the common vehicle development projects and next steps in purchasing organization now confirmed, the teams will work to finalize the associated definitive agreements.