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Spyker Cars Finalizes Purchase of Saab Automobile from GM

February 25, 2010

General Motors and Spyker Cars NV announced Tuesday that they have finalized the deal for Spyker to purchase Saab Automobile AB.

Going forward, Saab and Spyker will operate under the Spyker umbrella, and Spyker will assume responsibility for Saab operations. The previously announced wind down of Saab operations has ended.

"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 John Smith, GM vice president for corporate planning and alliances. "This is a great day for Saab employees, dealers and suppliers, and a great day for millions of Saab customers and fans worldwide."

"Throughout negotiations over the past year, GM has worked with many parties, including governments and investors, to find a solution for Saab," said Nick Reilly, president, GM Europe. "I'm very pleased that we could come to a positive conclusion, one that presents a viable future for Saab and preserves jobs in Sweden and elsewhere."

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