FRANKFURT, July 2 (Reuters) - General Motors signed a deal on Monday to transfer the bulk of its European logistics operations to a unit of France's PSA Peugeot Citroen starting next year in order to focus on its core car business, the two carmakers said in a joint statement.
"This is the first step in leveraging synergies from the comprehensive alliance with PSA Peugeot Citroen. The logistics deal will lead to efficiency improvments and cost savings for GM," Vice Chairman Stephen Girsky said in a statement.
PSA's Gefco unit will handle the European logistics for GM's European brands Opel and Vauxhall as well as for its global brands Chevrolet and Cadillac, including in Russia.
It includes among other things material and parts supplies for GM's European manufacturing plants, as well as the transport of both vehicles from factories to dealers and components to parts distribution centres.
Opel Chief Executive Karl-Friedrich Stracke had announced that in July GM would announce the deal, which had been in the works since the alliance was first formed.
GM and Peugeot said late in February that they hoped the alliance would lead to at least $2 billion in annual savings shared evenly between the two within about five years from joint purchasing, logistics and the joint development and production of vehicles and parts.