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GM looking to sell plant in France, other assets
Automotive News Europe
September 24, 2008 18:00 CET
DETROIT (Reuters) - General Motors is looking to sell its manufacturing facilities in Strasbourg, France, and will begin seeking buyers next month when it begins a formal sale process for its Hummer SUV brand.
GM Treasurer Walter Borst detailed the sale plans in materials prepared for a presentation at a banking conference sponsored by Deutsche Bank that were posted on the automaker's Web site.
In his presentation, Borst also said GM was working with GMAC to develop a program of subsidies that would reduce the strain on GMAC's balance sheet from auto financing "while allowing GM to remain competitive in the marketplace."
GM retains a 49 percent in GMAC. Cerberus Capital Management owns the remainder of the finance company.
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