Tags : gm, saab
GM Finalizes Deal Selling Saab To Swedish Consortium
New York, NY (AHN) – American carmaker General Motors (GM) continues on the path to profitability after inking a deal with Koenigsegg Group AB to buy the Swedish brand Saab Automobile AB.
While GM won’t actually make any money in the sale, the deal includes backing from the Swedish government and will protect the future of the losing brand name with a commitment to keep it in business. According to GM, Saab is about to launch several new cars that are in the final stages of development.
“This contract is an important step in the journey to a potential deal, said Carl-Peter Forster, president of GM Europe. “Saab’s great cars, its unique design, safety- and engine-technology, as well as its excellent brand image, combined with Koenigsegg Group’s unique combination of innovation and entrepreneurial spirit, bode well for a successful future for the brand.”
“We will continue to work with all parties to define the final details and ensure a fast closure of the deal, which we expect to take place in the next few months. The closure of the deal is contingent on the funding commitment from the European Investment Bank (EIB), guaranteed by the Swedish government,” Forster added.
The deal is the latest effort from GM to return to making money after a massive buyout from Washington. GM employs 235,000 people and does business in 140 countries. GM controls Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling.
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