Spyker successfully secures Saab

[Brillo]

Good luck Saab-Spyker!

From Just-Auto:

23 February 2010

Dutch luxury carmaker Spyker's protracted purchase of Saab from General Motors was finally completed late on Tuesday afternoon.

The Dutch company inked the deal transferring ownership at 16:30CET, with Saab exiting liquidation shortly before the agreement was closed.

Saab Automobile and Spyker Cars will operate as sister companies under the umbrella of the Amsterdam Euronext listed parent company Spyker Cars NV.

"From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold," said Spyker Cars CEO Victor Muller in a statement.

"Through this acquisition we add approximately EUR15 per share in equity and EUR60 of assets. With a well funded business plan in place we are looking forward to working with Saab's management on the realisation of that plan and bringing exciting new products to our customers."

Saab CEO Jan Ake Jonsson will retain his title and confirmed the new company's intention to carry out its business plan, beginning with the introduction of the new 9-5 model later this year.

"This transaction represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand, and we are pleased with the positive outcome," said GM vice president for corporate planning and alliances John Smith, who was the US automaker's key negotiator in recent months.

SWEDEN: Spyker successfully secures Saab: Automotive News & Comment

[Brillo]

Production lines at newly independent Saab Automobile's Trollhattan plant began rolling again on Monday (22 March).

CEO Jan Ake Jonsson, new owner Spyker Cars' CEO Victor Muller and Trollhattan Plant Director Gunnar Brunius took up positions on the line alongside assembly workers as the first batch of cars was built.

Production at Trollhattan plant was originally halted for seven weeks. The first cars to be built by Saab as an independent company will soon be delivered to customers.

"Today's resumption of production is a milestone in the history of our company" said Jonsson. "We are up and running as an independent manufacturer and I am delighted to share the experience on the line alongside our workforce. They have shown tremendous commitment to the company and we are all now focused on ramping up production to meet customer demand."

First on the line was a redesigned Saab 9-5 sedan, destined to join a test fleet prior to the model's official launch later this year. Further down the line was a 9-3 convertible, now also being produced in Trollhattan as part of the concentration of Saab operations in Sweden. With the introduction of the new 9-5 SportCombi next year, a total of five model lines will be produced at the plant.

"We have a highly flexible, world-class facility here at Trollhattan," said plant director Gunnar Brunius. "Our ability to build so many different models in one location improves plant utilisation and will deliver valuable efficiency gains. With these state-of-the-art facilities and a dedicated workforce, we are in excellent shape."

Muller said: "Everyone at Saab has worked extremely hard to reach this important point. Today production restarted with a new 9-5 first down the line - a fitting symbol that a new era has begun."

SWEDEN: Independent Saab resumes output: Automotive News & Comment