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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Peugeot    UG   FR0000121501

PEUGEOT (UG)
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Peugeot : PSA, German union in standoff over Opel's Eisenach plant

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04/16/2018 | 07:15pm CEST
Opel CEO Michael Lohscheller attends a news conference in Ruesselsheim

FRANKFURT (Reuters) - The future of Opel's Eisenach factory in Germany hung in the balance on Monday after shop stewards rejected wage concessions demanded by Opel owner PSA Group (>> Peugeot) in exchange for a commitment to invest in a production line for a new model there.

FRANKFURT (Reuters) - The future of Opel's Eisenach factory in Germany hung in the balance on Monday after shop stewards rejected wage concessions demanded by Opel owner PSA Group (>> Peugeot) in exchange for a commitment to invest in a production line for a new model there.

The carmaker's management met on Friday with the works council and labor union IG Metall to discuss proposals from French carmaker PSA after German sites were excluded from a sweeping investment plan.

PSA completed a $2.6 billion takeover of Opel last year as General Motors sold off its loss-making European operations, but CEO Carlos Tavares has been frustrated in his bid to cut high production costs.

Both sides exchanged blames of not presenting solid bids.

"This is very disappointing," Opel's new Chief Executive Michael Lohscheller said in a letter to staff.

Lohscheller said labor representatives did not offer any concrete proposal on how to reach productivity targets at the Eisenach plant, one of its three main German sites, which employs 1,800 workers.

The labor side rejected management's demand for wage concessions such as delaying the 4.3 percent pay rise agreed in collective bargaining for the industry, due at the end of April.

"Contracts must be observed and we demand that from Opel as well," Joerg Koehlinger, an IG Metall regional director said in a statement on Monday .

The failed talks on Friday prompted PSA to put a decision on hold to produce a new "electrifiable" vehicle at Eisenach plant, Lohscheller said. A person familiar with the matter identified the planned vehicle as the Grandland SUV model.

"Unfortunately, the conditions for investment approval were not completely met because last Friday's meeting with our social partners did not deliver the required outcome," Lohscheller said, adding that both parties agreed to continue the talks.

(Reporting by Riham Alkousaa, Ilona Wissenbach in Frankfurt and Holger Hansen in Berlin; Editing by Ludwig Burger)

Stocks treated in this article : Peugeot, General Motors Corporation
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS CORPORATION -2.11% 35.32 Delayed Quote.-13.83%
PEUGEOT -1.88% 24.57 Real-time Quote.44.91%
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Financials (€)
Sales 2018 76 238 M
EBIT 2018 4 888 M
Net income 2018 3 036 M
Finance 2018 8 081 M
Yield 2018 3,20%
P/E ratio 2018 7,61
P/E ratio 2019 6,68
EV / Sales 2018 0,19x
EV / Sales 2019 0,16x
Capitalization 22 232 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 25,8 €
Spread / Average Target 4,8%
EPS Revisions
Managers
NameTitle
Carlos Tavares Chairman-Management Board
Louis René Fernand Gallois Chairman-Supervisory Board
Philippe de Rovira Chief Financial Officer
Henri Philippe Reichstul Member-Supervisory Board
Marie-Hélène Peugeot-Roncoroni Vice Chairman-Supervisory Board
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