AUTOMOTIVES - General Motors has decided not to sell European automaker Opel after all. In a meeting yesterday GM backed out of the deal to sell Opel to Canadian auto parts giant Magna International and has decided to restructure Opel instead in an effort to make the automaker more cost efficient.
GM has lost more than $6 billion USD in Europe since 2000. In its best year Opel only made $188 million in profits and is overall a fiscal ruin and in dire need of restructuring.
GM, the world's biggest automaker in 2008, has been under pressure from Washington D.C. to drastically and rapidly make itself profitable again. The US government now owns a large chunk of General Motors.
Frank Stronach, the 77-year-old owner of Magna International, has been hoping to become an automaker instead of just an auto parts manufacturer.
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