Automakers Fiat Chrysler and PSA Group — the owner of Peugeot — say they signed a nearly $50 billion merger Wednesday.
Combined, the companies have more than 400,000 employees and annual revenues of about $190 billion in the 50-50 merger deal. With combined sales of 8.7 million cars a year, the merger makes them one of the largest automotive manufacturers in the world.
In a statement, Groupe PSA says, "Our merger is a huge opportunity to take a stronger position in the auto industry as we seek to master the transition to a world of clean, safe and sustainable mobility and to provide our customers with world-class products, technology and services."
The merger, first announced in October is anticipated to be completed within 12 to 15 months following formal approval from shareholders and will be based in the Netherlands. The companies' CEO's say no jobs will be lost or manufacturing plants closed with this merger.
Additional reporting from Newsy affiliate CNN.