French industry minister to quiz Peugeot familyJuly 17, 2012 18:46 CET French Industry Minister Arnauld Montebourg plans to summon members of the Peugeot family to explain why PSA/Peugeot-Citroen had continued to pay dividends even as it was facing mounting difficulties, he told parliament on Tuesday. PSA said last week that it would cut 8,000 jobs in France and close an assembly plant to stem operating losses of 200 million euros a month.... Read More »
PSA's Varin sees European rivals cutting capacity, paper reportsJuly 17, 2012 13:55 CET  PSA CEO Philippe Varin said he "would not be surprised" to see other automakers cut European capacity in the wake of his decision to close a plant near Paris, French newspaper Le Monde reported on Tuesday.... Read More »
French president says PSA job cut plan is not acceptableJuly 14, 2012 10:34 CET  President Francois Hollande said PSA's decision to close a factory and cut an additional 8,000 jobs is unacceptable and that he will lean on Europe's second-biggest carmaker to renegotiate the plan.... Read More »
PSA's Varin urges gov't action on labor costsJuly 13, 2012 14:32 CET  PSA CEO Philippe Varin called for the French government to take action to reduce labor costs, a day after the automaker said it would cut 14,000 job cuts and close its Aulnay plant near Paris as part of wide-reaching restructuring plans.... Read More »
PSA denies seeking gov't loan as first-half car sales tumbleJuly 6, 2012 09:25 CET  PSA denied that it is seeking a loan from the French government, as the company announced that its global first-half vehicle sales tumbled 13 percent after Europe's debt crisis hit demand.... Read More »
PSA seeks to cut up to 10,000 jobs in France, union chief saysJuly 3, 2012 09:14 CET  PSA plans to shed 8,000 to 10,000 jobs in France this year, more than previously announced, as sales slide and management seeks further savings, a senior union official said.... Read More »
Unhappy with GM ties, Peugeot family wants PSA CEO Varin out 12:01 am U.S. ET | June 25, 2012 PSA Peugeot Citroen CEO Philippe Varin saw an alliance with General Motors as a way to strengthen the French automaker. But his biggest shareholder, the Peugeot family, is unhappy with that plan and Varin's performance, French newspaper La Tribune reported last week.... Read More »
BRUCE GAIN PSA shareholders may be unhappy, but Varin will likely stay 12:01 am U.S. ET | June 22, 2012  After a French newspaper reported this week that the Peugeot family was unhappy with the way CEO Philippe Varin was running PSA, the carmaker's supervisory board was quick to rally to his defense, issuing a statement of support on Wednesday. As the CEO continues his program of restructuring at the automaker, shareholders might consider echoing this message and rather than asking him to leave, they could just let him finish what he's started.... Read More »
BMW says it will stick with hybrid JV after PSA-GM tie-upJune 21, 2012 14:16 CET  BMW said it was sticking to plans for a joint venture to make hybrid cars with PSA after the French carmaker agreed to a separate alliance with General Motors. A French newspaper reported on Thursday that BMW wanted to buy out some or all of PSA's stake in the venture.... Read More »
Peugeot family wants Varin to go, report saysJune 20, 2012 15:49 CET  PSA's biggest shareholder, the Peugeot family, wants CEO Philippe Varin and his management team replaced because of a fall in sales and dissatisfaction over its alliance with General Motors, French newspaper La Tribune reported on Wednesday.... Read More »
PSA may announce French plant closure at the end of July, mayor saysJune 19, 2012 11:22 CET  PSA could announce the closure of its French factory in Aulnay-sous-Bois on July 25 to coincide with the publication of its financial results, said Gerard Segura, the town's mayor. In a document leaked last June, PSA executives had outlined plans to close the plant near Paris, which builds the Citroen C3 subcompact.... Read More »
PSA seeks job cuts, pay freeze at French plant, unions sayMay 31, 2012 08:58 CET  PSA has asked workers at its Sevelnord plant in northern France to agree to a pay freeze, hundreds of job cuts and other concessions, or face possible closure, officials at two unions said.... Read More »
PSA denies it will expand layoffs in FranceMay 30, 2012 13:01 CET PSA has denied a report saying it would extend voluntary redundancy offers or retraining to a larger group of French workers than planned. The automaker plans to layoff 1,900 workers voluntarily in France and cut a total of 6,000 jobs in Europe as part of a money-saving restructuring program.... Read More »
PSA attracts at least six potential bidders for Gefco logistics unitMay 22, 2012 15:04 CET  PSA has interest for its Gefco car logistics unit from at least six potential buyers including Axa Private Equity and the French national railway operator.... Read More »
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