PSA Peugeot Citroen: Restructuring Plan: End of the Consultation Period on the Economic Chapter and Continuation of Negotiations on the Support Measures

Regulatory News:

PSA Peugeot Citroen (Paris:UG): :

A summary review of the SECAFI audit report on the Group’s restructuring plan was presented yesterday to management and the members of the Central Works Council during a special meeting.

Following the meeting, the Central Works Council members were consulted. Four of the six unions (CFE-CGC, FO, CFTC and GSEA) issued an unfavourable opinion, while recognizing the need to quickly undertake the Group’s restructuring.

In addition, the majority of the unions approved the early separation programme designed to encourage outplacement.

Today’s Central Works Council meeting therefore completes the first phase of consultation with employee representatives.

Management and the unions may now continue negotiations on the support measures proposed by the Group as part of the restructuring plan.

Group management confirms the commitments undertaken to reindustrialise the Aulnay and Rennes facilities, as well as the employee reconversion objectives for Aulnay and the development of additional activities at the Rennes plant.

These negotiations should be concluded by the end of first-quarter 2013.

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