Foundry Daily News

USA - GM to sell Hummer line, French automotive plant

<font size="2">DETROIT – General Motors Corp.’s treasurer said Wednesday that the automaker is planning to put its Strasbourg, France, </font><font size="2">manufacturing operation and its Hummer truck brand up for sale, and it may announce more asset sales later this year.</font>

<font size="2">Company Treasurer Walter Borst said in a slide presentation at the Deutsche Bank Leveraged Finance Conference that the company </font><font size="2">expects to distribute marketing materials for both operations in October.</font>

<font size="2">The slides, posted on GM’s Web site Wednesday, say the assets under review are worth $2 billion to $4 billion. The presentation </font><font size="2">also says GM continues to review other asset sales and will make more announcements in the fourth quarter.</font>

<font size="2">GM, which has an Allen County truck plant and a <a href=";tx_hrtdictionary_pi1[showUid]=4184" target="_top">foundry</a> in Defiance, Ohio, and other automakers have faced liquidity problems. GM </font><font size="2">announced a plan in July to cut $10 billion in costs and raise an additional $5 billion through asset sales and borrowing.</font>

<font size="2">On Friday, the nation’s largest automaker gave notice that it would draw the remaining $3.5 billion of a $4.5 billion revolving </font><font size="2">credit facility to boost its liquidity.</font>

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