PSA Confirms Headquarters Move

PSA Peugeot Citroen Director Xavier Duchemin confirms to Reuters that the company will move its headquarters from central Paris to a western suburb in 2017.

Last month Bloomberg News reported that PSA's supervisory board was considering plans to relocate the company's main office to a less expensive location in Poissy, 30 km northwest of Paris.

About 2,200 people will be affected by the move. Reuters says the company's Citroen unit, which is vacating its main office in northern Paris, will relocate near the new PSA headquarters.

PSA has occupied its current location on Avenue de la Grande Armee since the 1960s. It sold the building in a leaseback deal two years ago, raising €246 million to help avoid financial collapse.