The signature came on March 6, 2017, but the deal has only now become complete – with PSA Group, together with Opel/Vauxhall, becoming the second most important producer in Europe.
Following a long, 88-year stint inside the GM family, the German automaker and its British subsidiary have become part of Europe’s second-largest carmaker by vehicle sales. “It is a historic day,” commented Opel’s new CEO Michael Lohscheller in the official statement. “We are proud to join Groupe PSA and are now opening a new chapter in our history after 88 years with General Motors. We will continue our path of making technology `made in Germany´ available to everyone.” The official announcement also comes with important strategic measures at Opel/Vauxhall – Christian Müller, Rémi Girardon, Philippe de Rovira, and Michelle Wen, are new additions on the management team.
They are coming to replace William F. Bertagni, Philip R. Kienle, and Katherine Worthen. In addition, ex-CEO Karl-Thomas Neumann is also nowhere to be found at Opel, following his resignation in June and his subsequent announcement he will only stay with the company until the merger is complete. Now the new management team has 100 days at its disposal to come up with a new management strategy that will lead “to generate a positive operational free cash flow by 2020 as well as an operating margin of two percent by 2020 and six percent by 2026.” “The combination of our strengths will enable us to turn Opel and Vauxhall into a profitable and self-funded business. We have set ourselves the clear target of returning to profitability by 2020,” added Lohscheller.