PSA Peugeot Citroen plans to close a research and administrative site near Paris as part of its cost-cutting plans, according to Reuters.

Reports say that it will transfer its 660 workers to other plants and put the building at Meudon, on the outskirts of Paris, up for sale.

Reuters cited an internal document as source.

PSA said earlier this year that it expected to make additional property disposals worth EUR200m, in additional to EUR2bn of sales last year.