DETROIT - General Motors CEO says that European car companies is not for sale.
Media have reported that GM wanted to sell the struggling operations that include the brands Opel and Vauxhall.
Opel not to "sell", said CEO Daniel Akerson reporter Wednesday in Detroit, Michigan on GM Europe's largest brand.
GM Europe has been a money loser for GM, but it is an important center of engineering and design. As former CEO Fritz Henderson tried to sell the business shortly after GM 2009 bankruptcy he was overruled by the Board, because some of the GM based designed by Opel on basics, small and medium-sized cars.
However, European sales caused a loss of $1.8 billion for GM Europe in the past year high labour costs, restructuring costs and sagging. GM, however has cost-cutting progress recently.
Reports in Germany mirrors and auto picture, publications have said that GM Europe could be sold to a Chinese company or Volkswagen AG. GM has been called the reports speculation, but has not been told that the business as a sale off block.
The company touted annual meeting in June shareholders, Akerson progress in Europe repeatedly in the last two years.
"It is not only an abyss, the we looked in 18 to 24 months,", he said.
The European business employs 40,000 people.
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