June 27, 2002
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June 27, 2002 |
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Suzuki is going to make equity participation in GMDAT |
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On June 27, 2002, Suzuki Motor Corporation announced that Suzuki is going to make equity participation in the new company, named as GM-Daewoo Auto and Technology, "GMDAT" to be formed by GM in Korea for assuming responsibility of looking after the business operations of DAEWOO MOTOR, Korea. The press release is as per attached hereto. |
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GM/SUZUKI REACHED
THE FORMAL AGREEMENT FOR EQUITY PARTICIPATION IN THE NEW COMPANY TO BE FORMED IN KOREA On June 26, 2002, General Motors Corporation (GM) and Suzuki Motor Corporation (Suzuki) made the formal agreement for Suzuki to make equity participation in the new company, named as GM Daewoo Auto and Technology, "GMDAT" to be formed by GM in Korea for assuming responsibility of looking after the business operations of DAEWOO MOTOR, Korea. The major points of agreements are as follows; 1. GM Group will make equity investment upto 67% (US$400 million) into the New company of "GMDAT", including Suzuki's participation of 14.9% (US$89 million). 2. GM and Suzuki will distribute globally the products manufactured by GMDAT. 3. GM, Suzuki and GMDAT will pursue commonization of powertrains, parts & components and joint development of the future products. Both companies continue to discuss the detail arrangements. |
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