November 16, 2017 / 5:20 PM / a year ago

PSA CEO says failure of Opel recovery plan would be serious for staff, company

BERLIN, Nov 16 (Reuters) - PSA Group Chief Executive Carlos Tavares said a failure of turnaround efforts at Opel would spell “very serious” consequences for workers at the German division and the company as a whole.

PSA has given Opel until 2020 to return to profit as part of a recovery plan aimed at shifting the German brand’s model lineup onto PSA’s architecture, with the French parent pursuing 1.7 billion euros ($2.00 billion) in savings from its acquisition of Opel.

“If it doesn’t succeed it will be very serious for the company and of course for the employees,” Tavares said on Thursday at a conference in Berlin. ($1 = 0.8494 euros) (Reporting by Andreas Cremer; Editing by Tom Sims)

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