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by David Zalstein

Peugeot is planning to shut down and sell off a 30-year-old French plant while vowing to save its more than 600-strong workforce.

The Financial Times reports that PSA Peugeot Citroen, Europe’s second-biggest car maker by sales, plans to shut and sell its Meudon plant near Paris, without axing any of its 660 workers.

With research and development being the Meudon facility’s main focus, the report says jobs would be redistributed among the French manufacturer’s other Parisian sites, with employees to be transferred by the end of 2013.

The planned plant closure comes after last year’s announcements that Peugeot would cease production operations at the Aulnay plant near Paris in 2014 – marking the first French car plant to close in 20 years – and terminate around 9500 jobs by 2014.

The sale of the Meudon plant follows Peugeot’s decision in April 2012 to sell off its 48-year-old Parisian headquarters for 245.5 million euros, aimed at boosting the company’s continuing financial difficulties.