LONDON Britain's business minister said on Monday that executives from Peugeot manufacturer PSA, which is in talks to take over General Motors' European brands, told him last week that PSA took pride in not shutting plants. There are mounting concerns in Britain, where GM operates a car plant and a van facility under the Vauxhall brand, that a takeover deal could prompt job losses and site closures. "One of the points the PSA executives made to me was that since the new management of PSA has been in place, they have taken some pride in having part of their strategy not to close plants," Greg Clark told lawmakers on Monday.
Clark also said he mentioned the importance of looking after current and former employees who are part of the Vauxhall pension scheme, which has a deficit of up to 1 billion pounds ($1.25 billion) according to a source.
($1 = 0.8022 pounds)
(Reporting by Costas Pitas, editing by David Milliken)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Published Date: Feb 20, 2017 22:30 PM | Updated Date: Feb 20, 2017 22:30 PM