GM will sell SAAB to Spyker
After a lengthy back and forth between the American automotive giant General Motors and the Dutch based super car builder Spyker, the pair have finally entered into a binding contract regarding the sale of the Swedish automaker SAAB. According to GM vice president for corporate planning and alliances, John Smith, "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.”
So despite GM having to drastically downsize their production lineup around the world due to the recent credit crunch, this agreement means that Viggen fans around the world will be able to look forward to future models for quite some time to come because “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” with the newly formed Saab Spyker Automobiles corporation.
While SAABs are born from jets, Spykers are clearly inspired by them and all that is left for the two automakers to do is dot the “i”s cross the “t”s and file the last of the official paperwork in order to complete the transaction, something that is expected for mid February, and while this is good news for auto workers overseas as well as dealers here in the U.S. We can’t help but think about how the move will strengthen both brands, with Spyker adding a line of more affordable vehicles to its current exclusive super car lineup and a plethora of new high performance possibilities for the Swedish automaker, we are mainly looking forward to seeing a production version of the sweet looking SAAB Aero-X concept.
Press release after the jump.
DETROIT – General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.
"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,” Smith said.
As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed in due time.
The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.
“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”