Saab 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 January. "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 and products." 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/ (GM) CO: General Motors Corporation; Saab Automobile AB; Investor AB ST: Michigan, Sweden IN: AUT SU: TNM -0- Jan/10/2000 7:59 EOS (PRN) Jan/10/2000 07:59 85 â -0- (PRN) Jan/10/2000 8:14
General Motors Will Exercise Option to Take Sole Ownership of
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