Today 09/23/2016 - 05:35:23 PM
Peugeot SA 13.525€
CAC 40 4,488.69 PTS
PSA Peugeot Citroën announced today that its future light commercial vehicle designed for the K1 segment in Europe will be produced at the Valenciennes-Hordain plant, France.
The Group's decision will ensure the future of the facility. It represents a total investment of more than €750 million, of which more than €400 million is dedicated to R&D.
In May 2011, FIAT and PSA Peugeot Citroën announced that they did not intend to renew their cooperative venture within Sevelnord to produce Peugeot Expert, Citroën Jumpy and FIAT Scudo vans at the Valenciennes-Hordain plant beyond 2017.
Continuing to manufacture light commercial vehicles at the plant depended on several conditions, which have now been met:
All the work carried out on this third point has enabled the signature of a company agreement concerning the adjustment in working conditions, the safeguard of employment and the development of Valenciennes-Hordain.
This agreement identifies the conditions for maintaining light commercial vehicle production at the plant. It was signed on 26 July between Valenciennes-Hordain plant management and the CFE-CGC, FO and SPI-GSEA Unions.
"This is an important decision for the Plant and for the Group. We identified the economic conditions which were necessary to continue making light commercial vehicles and to ensure that the plant remains in operation. Thoses conditions are now met, which is very good news. I would like to thank the Sevelnord Unions for the quality of our discussions at a critical time for the Plant's future. I would also like to thank the local authorities for their support, as well as Toyota for their confidence in our light commercial vehicle capabilities" said Philippe Varin, Chairman of the Managing Board.
PSA Peugeot Citroën is Europe's leading manufacturer of light commercial vehicles, with a 20.8% share of the market in first-half 2012.