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GM and Partners Reach Agreements With Daewoo on Creation of New Company.

Publication: PR Newswire
Publication Date: 30-APR-02 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
SEOUL, South Korea -- General Motors Corporation , Daewoo Motor Company, and the Korea Development Bank acting on behalf of the Daewoo Motor Creditors Committee, today signed final definitive agreements for the establishment of a new automotive company. GM, certain of its business partners, and the creditors will be the stockholders in the new company.

The new company would have annual revenues of about (U.S.) $5 billion and would own and operate selected domestic and foreign assets of Daewoo Motor Company. The transaction is expected to close within two to three months, pending court and government approvals. Daewoo will continue to manage and operate its businesses until closing.

"This is an important day for GM," said GM Chairman John F. Smith, Jr. "GM's investment in this new company allows us to participate in the important South Korean market, and share in the benefits associated with its outstanding product development and manufacturing capabilities. This enterprise will produce a new generation of cost competitive vehicles that can be marketed around...

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