There has been speculation about the impact of the deal on Vauxhall’s two British plants, which employ more than 3,500 people PAThere were no new commitments to the long-term future of more than 3,500 Vauxhall factory workers after their plants were sold by their American parent General Motors to the French owner of Peugeot and Citroën. The PSA Groupe takeover of GM Europe, trading as Opel on the continent and Vauxhall in the UK, was formally agreed in Paris today in a deal worth €2.2 billion. There are few doubts that the takeover will result in factory closures, with the PSA chief executive Carlos Tavares committed to cutting €1.7 billion of costs a year. The merged company which will become Europe’s largest European automaker after Volkswagen. Because of the uncertainties around the trading and tariff status of Britain when it leaves the European Union and probably…

Source: The Times March 06, 2017 09:02 UTC