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25/09/2008

GM looking to sell plant in France, other assets

DETROIT (Reuters) - General Motors is looking to sell its manufacturing facilities in Strasbourg, France, and will begin seeking buyers next month when it begins a formal sale process for its Hummer SUV brand.

GM Treasurer Walter Borst detailed the sale plans in materials prepared for a presentation at a banking conference sponsored by Deutsche Bank that were posted on the automaker's Web site.

In his presentation, Borst also said GM was working with GMAC to develop a program of subsidies that would reduce the strain on GMAC's balance sheet from auto financing "while allowing GM to remain competitive in the marketplace."

GM retains a 49 percent in GMAC. Cerberus Capital Management owns the remainder of the finance company.

GM is also selling the Engineering at the Strasbour site. Let's see what they are selling next???

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