Saab sold to consortium in high-performance deal / News / The Foreigner

Saab sold to consortium in high-performance deal. International investors to lead Swedish company out of trouble. The wait for workers and car-owners is finally over after weeks of uncertainty. Today, General Motors confirmed that Saab Automobile AB has been sold to the investment company Koenigsegg Group AB; a consortium led by Koenigsegg Automotive AB. An successful smorgasbord Although GM would not disclose the purchase sum, their press-release did mention that $600 million dollars has been guaranteed by the Swedish government. This comes in the form of a funding commitment from the European Investment Bank (EIB). GM and the Koenigsegg Group also agreed to provide additional support to fund Saab’s product program and operations investments.

saab, volvo, trollhatten, 9-5, gm, generalmotors, sweden, swedish, norway, norwegian, american, koenigsegg



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Saab sold to consortium in high-performance deal

Published on Tuesday, 16th June, 2009 at 23:31 under the news category, by Michael Sandelson   .

International investors to lead Swedish company out of trouble.

A 1950 SAAB 92 De Luxe
A 1950 SAAB 92 De Luxe
Photo: Liftarn/Wikimedia Commons


The wait for workers and car-owners is finally over after weeks of uncertainty. Today, General Motors confirmed that Saab Automobile AB has been sold to the investment company Koenigsegg Group AB; a consortium led by Koenigsegg Automotive AB.

An successful smorgasbord

Although GM would not disclose the purchase sum, their press-release did mention that $600 million dollars has been guaranteed by the Swedish government. This comes in the form of a funding commitment from the European Investment Bank (EIB). GM and the Koenigsegg Group also agreed to provide additional support to fund Saab’s product program and operations investments.

Whilst it will still receive powertrain technology from GM for an agreed period of time, Saab is also to use its production facility in Trollhätten for manufacturing its next generation 9-5 models.

“The proposed agreement will enable us to maximise the brand’s potential through an exciting new product line-up with a distinctly Swedish character”, Jan Åke Jonsson, Saab’s Managing Director of Saab Automobile AB says.

Norwegian implications

In addition to Christian Koenigsegg, the Swedish founder of the Koenigsegg Automotive AB high-performance car company and the American investor Mark Bishop, the industrial designer Bård Eker from Norway is also one of the consortium’s investors. According to E24.no, Eker tells Helsingborg Dagblad, a Swedish local paper, that he is very excited by the deal.

Whilst he goes on to say that he looks forward to things to come, the deal also has ramifications for the Norwegian car-part industry, according to Dagbladet.no, as it is a large supplier to both Saab and Volvo.

“Many car manufacturers have been down for the count; this includes Saab, Volvo, and Opel. What we are seeing now is that the car market is just about beginning to roll again”, Knut Sunde, industrial-political director at the Federation of Norwegian Industries (Norsk Industri) tells the Norwegian News Agency (NTB).

The sale is expected to be completed by the third quarter of this year.



Published on Tuesday, 16th June, 2009 at 23:31 under the news category, by Michael Sandelson   .

This post has the following tags: saab, volvo, trollhatten, 9-5, gm, generalmotors, sweden, swedish, norway, norwegian, american, koenigsegg.





  
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