GM to Sell Transmission Plant in France to Stem Losses
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General Motors Co., will sell a French transmission plant to a private Belgian company as part of an effort to end losses in Europe that have totaled $17.3 billion since 1999.
The plant in Strasbourg, France, will be bought by Punch Metals International, which will retain the employees, according to a GM statement on its website yesterday. ZF Friedrichshafen AG, a maker of auto and truck parts, agreed to purchase transmissions from the plant. A price wasn’t disclosed.