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FGA, PSA joint statement on Sevel Nord

FGA PSA|
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© FIAT
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Fiat Group Automobiles (FGA) and PSA Peugeot Citroen are continuing their discussions regarding the future of their joint-venture in Sevel Nord, France, following the announcement in May 2011 that their cooperation agreement will not be renewed after 2017.

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In connection with such discussions, a project of agreement was presented July 11 to the works council of Sevel Nord relative to the transfer of FGA’s stake in their Sevel Nord joint venture to PSA Peugeot Citroen on or before 31 December 2012.

According to this project of agreement, Sevel Nord would continue to produce light commercial vehicles for the two groups until Euro6 emissions standards come into effect at the end of 2016.

The parties expect to enter into definitive agreements in all these respects before the end of 2012.

The above plan does not impact on other co-operations between FGA and PSA Peugeot Citroen, including the Sevel joint-venture located in Val di Sangro, Italy, that will continue as per current contracts.
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