Suzuki sells its CAMI shares to GM
Rumor has it that Suzuki sold its 50% stake in the Canadian Automotive Manufacturing INC production Facility to General Motors.
Rumor has it that Suzuki sold its 50% stake in the Canadian Automotive Manufacturing INC production Facility to General Motors. The production line for a few Suzuki models will shut down at the Ingersoll Ontario plant.
This wil not neccesary mean a loss for Suzuki, according to their spokesman, and it is due to the bad sales of model XL7 produced at that location.
GM owned in the past 20% share in the Japanese automaker and ended their collaboration after 23 years. They were forced to sell due to imminent bankruptcy.
The site will receive around $85 mil and will increase productivity and personell.GM Canada President Arturo Elias has very good faith in CAMI, and he is confident that they will imporve their good results with the launch of the Chevrolet Equinox and the GMS Terrain.
Source: Automotive News
www.automobilemag.com
