Posts Tagged ‘GM Europe’

Magna Confirms Offer for Opel

Friday, May 22nd, 2009

Aurora, Canada/PRNewswire/ — Magna International Inc. (TSX: MG.A, NYSE: MGA) today confirmed that, together with Sberbank Rossii (“Sberbank”), it has submitted a non-binding indicative offer for Opel. The offer contemplates a total investment by Magna and Sberbank of Euro 700 million, a portion of which would be guaranteed by the German government. Under the offer, the proposed equity interests in Opel would be: General Motors — 35%; Sberbank — 35%; Magna — 20%; and Opel employees — 10%.

General Motors and the German government are reviewing and considering offers submitted this week and will determine the next steps in the sale process.

There is no assurance that any transaction will result from Magna's current involvement. (more…)

GM Announces Two New Fuel Efficient Engines

Thursday, May 15th, 2008

Turin/Italy — General Motors Corp. will introduce, starting in 2009, two new engines with significant fuel efficiency gains for vehicles marketed in Europe and other regions. The announcement was made this week at a GM Powertrain Europe event showcasing its comprehensive line-up of advanced propulsion technologies currently under development.

The 1.4-liter turbocharged 4-cylinder engine will be used in vehicles worldwide starting in 2010. The 1.6-liter Compressed Natural Gas (CNG) turbocharged 4-cylinder engine will be introduced in the Opel Zafira in 2009. Both engines are new variants of GM's existing engine families used globally.

“These new engines represent our ongoing approach to replace larger displacement engines with more compact, highly charged units (more…)

€9 Billion Investment to Strengthen Opel

Wednesday, April 30th, 2008

Rüsselsheim — General Motors Europe will invest a total of €9 billion into Opel through 2012, thus strengthening its core brand. €6.5 billion alone will be spent on the development of new vehicles and propulsion systems. In addition, the company is investing considerably into its German plants, Rüsselsheim, Bochum, Kaiserslautern and Eisenach. This was announced by GM Europe President Carl-Peter Forster at a press conference in Rüsselsheim today. Forster also referred to the contracts for the future agreed on yesterday evening with the European employee representatives. These contracts guarantee the European Astra plants production capacity and capacity utilization.

GM Europe will invest €900 million into its new Rüsselsheim plant, which was put into operation in 2002. (more…)