PSA Completes Corporate Move Out of Paris

PSA Group has completed the relocation of its headquarters from a building in downtown Paris to the suburb of Rueil-Malmaison.

The French carmaker had occupied the Paris location since 1964. But the company announced in 2015 that it intended to move to less expensive accommodations after selling the headquarters building for €246 million ($293 million) to help avert bankruptcy. The company had continued to lease the facility until now.

PSA also has shut down the headquarters of its Citroen brand just north of Paris. Earlier reports said the moves will affect about 2,200 people and save the company about €10 million ($12 million) per year.

Some corporate staffers also are being reassigned to a refurbished PSA manufacturing complex in Poissy some 500 km (330 miles) southwest of Paris.