PARIS -- French carmaker PSA Peugeot Citroen said on Wednesday it plans to sell its military vehicles subsidiary Panhard to Auverland.
PSA said that the sale to Auverland, a French company, would create Europe's biggest manufacturer of military vehicles in the less than 10 tons class.
No details were available on the value of the planned sale.
Panhard designs and makes light armored vehicles used by the French armed forces and 45 foreign armies around the world, and reported sales of 61.7 million euros ($80.81 million) in 2004.
Auverland has made military vehicles used by more than 40 armies worldwide.