GM officially announces Saab sale to Spyker –

After a ride not fit for any roller coaster in the world, Swedish brand Saab has finally reached the end of its journey, as its current owner, General Motors announced that the company will be sold to Dutch supercar manufacturer Spyker, after an extremely lengthy negotiation process, and will avoid being closed down.

“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.”

The new company will be called Spyker Saab Automobiles, and it is reported that the Dutch manufacturer paid around $74 million up front, and will also give GM $326 million in preferred shares from the new financial entity.

Part of the deal includes GM handing over the Trollhattan plant, together with its 3,500 workers, and also some intellectual rights, technologies and platforms that are currently used in models like the brand new 2011 Saab 9-5. The contract is also rumored to force Vladimir Antonov, the Russian backer of Spyker to step down, so that GM can sleep well at night, knowing its tech doesn’t fall into the wrong hands (can you say paranoia?).

Overall, it’s nice to see that Saab was saved after all, but it still has a long way to go until it becomes profitable. Hopefully with the new found supporters all over the world, more models will be sold, and Spyker and Saab will have a great relationship in the future.

Source: GM

Post tags: Tags: Saab, Spyker