Posts Tagged ‘Sweden’

General Motors and Koenigsegg Group AB Reach Tentative Agreement on Saab

Tuesday, June 16th, 2009

Zurich — General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab's future.

The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab's operations and product program investments. This includes plans to launch several new products that are in the final stages of development. Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully emerge from its reorganization process. (more…)

GM Powertrain Europe and AVL announce new ownership for Södertälje Powertrain

Friday, October 10th, 2008

Trollhättan — General Motors Powertrain Europe today announced the consolidation of its Swedish Powertrain Engineering operations in Trollhättan and the sale of its Södertälje Powertrain operation to AVL, a global engineering organization based in Graz, Austria.

The strategic move will allow GM Powertrain Sweden to fully support the development of the next generation of clean and efficient turbo-charged 4-cylinder engines for gasoline and alternative fuels. Co-locating all GM Powertrain Sweden operations with the GM Powertrain Engineering Center and Saab Automobile AB operations in Trollhättan will also strengthen the relationship between vehicle and powertrain engineering, the Turbo Center and better support the Saab brand. (more…)