Thursday, December 03, 2009
Spyker breaks cover as SAAB bidder
Spyker Cars, the Dutch specialist supercar maker, has broken cover as one of the bidders for GM's Saab business.
Spyker, which announced in November that it is relocating its production from the Netherlands to Coventry, confirmed it was in the running and has the backing of its shareholder the Moscow-based Convers Group.
Development
The latest development in the future of ownership of Saab was prompted after Koenigsegg, the Swedish supercar maker, unexpectedly withdrew its bid in November prompting GM to put the business back on the market.
GM evaluating
Yesterday (2 December 2009) GM confirmed it would evaluate potential bids by the end of December and if a suitable buyer was not found it would "begin an orderly wind down of the global Saab business".
Koenigsegg's withdrawal was a bitter blow for GM which is in the middle of an international restructuring process which saw it pull its European operations off the market in November after agreeing to sell them to Magna International. GM has also just lost its president and CEO, Fritz Henderson, after a surprise resignation.
Spyker background
Spyker is primarily known as a specialist supercar maker which builds its cars by hand. It has reportedly made just 300 cars since 2000 when the current company was formed, although it can trace its roots back to 1875.
The brand's relocation of production to Coventry, which is expected to be completed by the end of this month, was prompted by a need to work closer with its supplier partner, CPP (Manufacturing) UK. It will retain head office functions in the Netherlands.
Victor R. Muller, CEO of Spyker Cars stated: "With approximately half of our vehicles' parts and components sourced in the UK, and virtually all key suppliers being located there, moving closer to our suppliers and engineering partners will result in substantial savings and tangible efficiency improvements".
Spyker, which announced in November that it is relocating its production from the Netherlands to Coventry, confirmed it was in the running and has the backing of its shareholder the Moscow-based Convers Group.
Development
The latest development in the future of ownership of Saab was prompted after Koenigsegg, the Swedish supercar maker, unexpectedly withdrew its bid in November prompting GM to put the business back on the market.
GM evaluating
Yesterday (2 December 2009) GM confirmed it would evaluate potential bids by the end of December and if a suitable buyer was not found it would "begin an orderly wind down of the global Saab business".
Koenigsegg's withdrawal was a bitter blow for GM which is in the middle of an international restructuring process which saw it pull its European operations off the market in November after agreeing to sell them to Magna International. GM has also just lost its president and CEO, Fritz Henderson, after a surprise resignation.
Spyker background
Spyker is primarily known as a specialist supercar maker which builds its cars by hand. It has reportedly made just 300 cars since 2000 when the current company was formed, although it can trace its roots back to 1875.
The brand's relocation of production to Coventry, which is expected to be completed by the end of this month, was prompted by a need to work closer with its supplier partner, CPP (Manufacturing) UK. It will retain head office functions in the Netherlands.
Victor R. Muller, CEO of Spyker Cars stated: "With approximately half of our vehicles' parts and components sourced in the UK, and virtually all key suppliers being located there, moving closer to our suppliers and engineering partners will result in substantial savings and tangible efficiency improvements".
DATED: 03.12.09
FEED: MT
