DETROIT and STOCKHOLM, Sweden, Jan. 10 /PRNewswire/ -- General Motors
Corp. (NYSE: GM) announced today that it intends to exercise the option to buy
the remaining 50 percent of Saab Automobile AB from Investor AB, the Swedish
industrial holding company, with which the GM group has shared ownership for
the last decade. The GM group will take full ownership of Saab by the end of
"Over our 10 years with Saab we've seen increasing market success and
expansion of the Saab brand internationally," said GM President and Chief
Operating Officer G. Richard Wagoner, Jr. "We've had a great relationship
with Saab and appreciate our association with Investor, our joint-venture
partner. During this time, the Saab brand has maintained its unique identity
while we've been able to capitalize on marketing, purchasing and product-development synergies.
"This logical next step of exercising our option to take full ownership
will be to move ahead even faster in developing new innovative Saab products,
contributing even more to a globally diverse portfolio of resources, expertise
Saab Automobile AB became a 50-50 joint venture on March 15, 1990, with
the GM group holding half of the shares, and Saab-Scania AB owning the other
half. Saab-Scania was acquired in 1991 by Investor AB.
"Saab has a strong product lineup, unique brand equity, and has an
important position in our automotive portfolio," said Michael J. Burns,
president of GM Europe. "Just as Saab is benefiting from GM's worldwide
resources, Saab's particularly focused brand and product approach, and its
unique expertise in developing turbo applications, are an important asset to
GM on a global basis."
In 1999, Saab produced almost 128,000 cars. Swedish production facilities
are located in Trollhattan (Saab's headquarters) for the 9-3 and 9-5 models,
Sodertalje (engines) and Gothenburg (transmissions). In addition, the 9-3
Convertible is assembled at Valmet Automotive in Uusikaupunki, Finland.
Saab employs almost 10,000 people worldwide.
Saab cars are sold in 50 markets around the world. The major markets for
Saab are the US, the UK, Sweden and Germany.
SOURCE General Motors Corporation
-0- 01/10/2000 P
/NOTE TO EDITORS: A press conference on that announcement will be held
today (Monday, January 10, 2000) at 4:30 pm EST at the North American
International Auto Show in Detroit at the GM Experience theater. Journalists
who are not able to attend the press conference may want to dial in over the
phone, live, at the following numbers:
1-888-827-9992 (calling from the US)
+1-973-628-6885 (calling from outside of the US)
In addition, there is the opportunity to call the following numbers, up to
48 hours after the press conference, and listen to a replay:
1-877-375-5689 (calling from the US)
+1-402-220-1350 (calling from outside of the US) /
/CONTACT: Stefan Weinmann of GM Europe, +41-79-401-35-45, Mark A. Tanner
of GM Corporation, 313-665-3146; or Olle Axelson of Saab, +41-79-334-92-70/
/Web site: http://media.gm.com/
CO: General Motors Corporation; Saab Automobile AB; Investor AB
ST: Michigan, Sweden
-0- Jan/10/2000 7:59
EOS (PRN) Jan/10/2000 07:59 85
-0- (PRN) Jan/10/2000 8:14
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