11:25 AM EST, 11/26/2024 (MT Newswires) -- Stellantis ( STLA ) said Tuesday it has started discussions with its employees and trade union partners on a plan to consolidate UK production of light commercial vehicles and invest 50 million British pounds ($62.8 million) to develop its Ellesmere Port site in Cheshire, England into an all-electric vehicle hub.

The company said it plans to transfer its Luton plant operations to Ellesmere Port and provide support to Luton employees wishing to move to Ellesmere Port, where hundreds of jobs are anticipated to be created.

Stellantis ( STLA ) said it will also launch a support program to retrain and identify new jobs in Luton for impacted employees. More than 1,000 jobs are at risk at the Luton plant, according to media reports.

Shares of the company were down more than 4% in recent Tuesday trading.

Price: 12.80, Change: -0.57, Percent Change: -4.26