Tag Archives: John Smith

GM Reaches Agreement to Sell Saab to Spyker

Posted on 26. Jan, 2010 by .

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It has been over a year since GM decided to strategically review Saab Automobile, but just over 20 years since they’ve been owned by GM .

Today, Spyker Cars, N.V. acquires Saab Automobile from GM, marking a new era for the company.

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GM Reaches Agreement to Sell Saab to Spyker

2010-01-26

DETROIT – General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

“Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.

“General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we’re all happy for the positive outcome,” Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”

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About General Motors: General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 204,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM’s largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.

Saab background: Saab entered the auto business in 1949 with the first model 92. Its aerodynamic shape and advanced technology drew from the company’s roots as an aircraft maker, and helped create what was to become a loyal and passionate customer base. GM acquired a 50 percent stake in Saab in 1990, and acquired the balance of Saab in 2000. As part of its strategy to focus on its four strongest brands in the U.S., GM began seeking a buyer for Saab in January 2009, a concerted effort that led to today’s announcement.

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Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

Eric Geers
Saab Communications
Tel: +46 520 85110
Mobile: +46 703 205490
eric.geers@gm.com

John McDonald
General Motors Company
Phone: 313-667-3714
Mobile: 313-418-2139
john.m.mcdonald@gm.com

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MEDIA ADVISORY: Saab Conference Call Scheduled 2:00PM EST

2010-01-26

John Smith, vice president, global planning and alliances, will host a conference call for media at 2:00 p.m. EST (8:00 p.m. CET) to provide additional perspective on Saab.

· (800) 398-9367 (U.S.)
· +1 (612) 332-0226 (international/caller-paid)
· No access code is required
· Please provide your name and affiliation and ask for the GM conference call

An audio file of this call will be available shortly after the end of the call at http://media.gm.com.

Technical/broadcast questions:
Steve Griffes
313-220-7982 (mobile)
steven.l.griffes@gm.com

Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

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GM MEDIA ADVISORY: Saab Conference Call Scheduled

Posted on 26. Jan, 2010 by .

0

GM is holding a Saab Conference call for 2pm today.

MEDIA ADVISORY: Saab Conference Call Scheduled

2010-01-26

John Smith, vice president, global planning and alliances, will host a conference call for media at 2:00 p.m. EST (8:00 p.m. CET) to provide additional perspective on Saab.

· (800) 398-9367 (U.S.)
· +1 (612) 332-0226 (international/caller-paid)
· No access code is required
· Please provide your name and affiliation and ask for the GM conference call

An audio file of this call will be available shortly after the end of the call at http://media.gm.com.

Technical/broadcast questions:
Steve Griffes
313-220-7982 (mobile)
steven.l.griffes@gm.com

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TTELA Provides Entire GM Press Conference Recap (Long)

Posted on 19. Dec, 2009 by .

0

Trollhattan, Sweden’s TTELA provides the entire recap of the GM Press Conference that took place this morning where they indicated that are now planning on winding Saab down.

This is quite long.

Publicerad 18 december 2009 Uppdaterad 19 december 2009

GM:s presskonferens i sin helhet
TROLLHÄTTAN Här är presskonferensen med GM:s vice vd, John Smith, i sin helhet, tyvärr bara på engelska – vi försöker återkomma med en svensk version.

Here is the full length version of the press conference with GM Vice President John Smith compiled by TTELA on GM winding down the Saab brand. Different American, Brittish and Swedish journalists are asking the questions.

In the press release you said issues arose during due diligence. To be clear, that is due diligence that you performed on Spyker or the diligence that Spyker performed on Saab, and what kind of issues arose?

– If you read the press release carefully, what the language says, certain issues arose on both parties which we didn’t believed could be resolved at the time we had available to ourselves. And at this point frankly I’m not going to add very much meat on that set of bones. Everybody worked really hard and not with very much time for a transaction of this type. Everybody appreciate we have been sorting through potential investors for Saab for the better part of this calendar year – after identifying Saab as a brand that we would either sell or wind down back in February as a part of our viability plan. We’ve spent quite a bit of time then and now with one potential investor, Koenigsegg, and got very close, but in the end Koenigsegg discovered some issues they didn’t think they would overcome and elected to withdraw. When I say we didn’t have very much time basically from the middle last month to now to restart, if you will, an investor process in a incredible short period of time, and Spyker was the one candidate we thought there might be a chance to conclude on the due diligence on both sides. Both sides did it with a lot of hard work, lot of support by the way from the Swedish government, and in the end we couldn’t conclude. And at this point I’m not going to get more specific on the issues on either side.

Was there a problem getting a loan from the EIB?

– I would say we were still in discussions as of this morning with the European Investment Bank who were pitching in to the best degrees that we could. We did not as of this morning have that part of the deal done, so it would fair to say that was still an open point.

When was the discussion closed with Spyker?

– We formally closed things this morning, a short time ago, I don’t have the exact time. There were meetings this morning In Stockholm with the Swedish government and representatives from Spyker and General Motors.
[…]

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