DETROIT – General Motors (NYSE: GM) has initiated a comprehensive strategic review of its Strasbourg (France) transmission operations for potential sale. The review includes both the manufacturing plant and the engineering and product development operations.
GM is committed to exploring internal and external options to identify potential viable alternatives and solutions to secure the future of the complex. An independent financial advisor has been hired to solicit bids from potential buyers.
GM believes continued business opportunities for the Strasbourg operation are possible with a new investor. The company intends to pursue potential buyers that will continue operations with the existing workforce, supply base and customers. GM also will continue to study internal powertrain programs for possible production in Strasbourg.
Approximately 1,000 people are employed in the Strasbourg operations. Last year, the plant produced approximately 280,000 six-speed automatic transmissions, mostly for customers outside of Europe.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM’s brands include Chevrolet and Cadillac, as well as Baojun, Buick, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
