plus 4, GM to Study Saab Interest, Decide Future This Month (Update1) - Bloomberg |
- GM to Study Saab Interest, Decide Future This Month (Update1) - Bloomberg
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| GM to Study Saab Interest, Decide Future This Month (Update1) - Bloomberg Posted: 01 Dec 2009 08:43 PM PST
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| Without a deal, GM would phase out Saab - Vindy.com Posted: 01 Dec 2009 08:57 PM PST DETROIT (AP) — General Motors Co. said it will phase out its storied Swedish Saab brand if no deal is reached by the end of this month. GM's board met Tuesday to decide Saab's fate after a group led by Sweden's Koenigsegg Automotive AB dropped out of a deal last week to buy the company. About 4,500 jobs at Saab are at stake. New potential buyers have emerged, GM said, so the board put off a final decision until the end of December. The automaker said in a statement that no "suitable arrangement" for Saab is found by then, it would "will begin an orderly wind down" of the unit. GM would not identify the potential bidders. Last week, the Chinese company Beijing Automotive Industry Holdings said it would re-evaluate Saab, but stopped short of saying it would make an independent bid. Beijing Automotive had been part of the Koenigsegg team. The private equity firm The Renco Group Inc. and the investor group Merbanco Inc. have reportedly also been interested in Saab. The failed Saab sale marks the third time this year that GM couldn't close a deal for an unwanted brand that it is shedding as part of its reorganization. GM decided to close Saturn after a deal with auto-dealer Roger Penske fell through. And the automaker's board decided to keep the European automaker Opel after deciding it was too heavily integrated into the company for GM to let it go. This content has passed through fivefilters.org. |
| Contra Costa Times, Walnut Creek, Calif., Gary Peterson column: Gary ... - TradingMarkets.com Posted: 30 Nov 2009 02:15 AM PST  Nov 30, 2009 (Contra Costa Times - McClatchy-Tribune Information Services via COMTEX) -- ZZHXY | Quote | Chart | News | PowerRating -- Since his coming-out commercial more than 12 years ago ("Hello, world"), Tiger Woods has been soliciting our interest -- in his golf game, in the kind of clubs he swings, in the make of car he drives, in the credit card he uses, in the video game he fronts. Mission accomplished. He has become a must-see franchise unto himself, a one-man New York Yankees, a human revenue stream. Forbes magazine recently pegged his personal fortune at north of $1 billion. "I don't know where they got that number," Woods said in October during the Presidents Cup in San Francisco. We do. He won well over $100 million of it on the golf course. The rest came from us -- specifically our interest in him that made him so interesting to sponsors. So it should come as no surprise to Woods, or anyone else, that we've taken a special interest in his moonlight drive of early Friday morning. Nor that we find the details of his automotive mishap to be almost comically implausible. We don't have much to go on. Sunday, for the third consecutive day, Woods declined to meet with Florida state troopers. A statement was posted on his Web site, in which Woods took full responsibility for the one-car accident, credited his wife, Elin, with courageously assisting him after the crash, and asserted his right to privacy "no matter how intrusive some people can be." As we all know, people can be pretty intrusive. According to reports from Florida, a clot of media has gathered outside the gated community where Woods lives. Mere hours after the accident, it was no great trick to go online and find copious photos of his damaged SUV, aerial shots of his mansion, candid stills of Elin driving with two big dogs in the front seat. At some point that level of scrutiny can be too much. As for our benign curiosity, that's fair game. Remember, we didn't approach him. He approached us. This is a dramatic new twist in his story. For one thing, it's his first false step as a pop culture icon. His golf has been beyond reproach. His public moments with his parents, wife and kids have seemed exceedingly genuine. His charitable foundation has lent credence to his late father's contention that Tiger could one day be the most significant figure in the human race. Until Friday, he'd kept his private life flawlessly discreet. Other than some recurring golf course profanity, there hasn't been much not to like. Beyond the unlikely drama, there are the unanswered questions. And we get it -- sometimes discretion beats the heck out of the unvarnished truth, for obvious reasons. But from where we sit, as intrigued with Tiger as we've ever been, this is quite a riddle. For starters, where was he going at 2:25 the morning after Thanksgiving? Is he a big fan of Black Friday sales? Is he part of a neighborhood watch or auxiliary fire department? Has he taken a paper route to help make ends meet? He got up enough speed between his driveway and his neighbor's tree to do $8,000 damage to his vehicle, yet the air bags didn't deploy? Sounds like some kind of manufacturer's recall is in order. According to reports, Elin Woods used a golf club to break windows in the SUV so she could get to her husband. Let's walk our way though this one. She heard the crash and ran outside with a golf club? Or are they lying all over the front yard at the Woods home? More likely, that kind of emergency would require her to run back inside the house. Was a golf club the first thing she saw? Do Cadillac Escalades not come with a spare keyless remote? It's all so strange. There are other stories out there, but so far they aren't credible enough to warrant even a dismissive analysis. So we'll concentrate on what we know. Happily, Woods' injuries were mild to moderate, and a full recovery is all but certain. Otherwise, there would be a much different tone to our curiosity. Nor should his career or reputation suffer any long-term damage. If this is as bad as it gets for him, he's still doing a commendable job of empire management. But for now, as per our long-standing agreement, he's the objective of our attention as we watch and wonder how he'll deal with the first truly unplayable lie of his career. Contact Gary Peterson at gpeterson@bayareanewsgroup.com. To see more of the Contra Costa Times, or to subscribe to the newspaper, go to http://www.contracostatimes.com/. Copyright (c) 2009, Contra Costa Times, Walnut Creek, Calif. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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| Sage Automotive expands with Abbeville weaving plant - Greenville News Posted: 01 Dec 2009 10:52 PM PST Four months after spinning off from Milliken & Co., Spartanburg-based Sage Automotive Interiors has acquired an additional manufacturing facility in Abbeville. The Sharon plant, owned by Milliken, was to be closed this year. It has now become the fifth North American manufacturing facility for Sage, with the saving of between 70 and 80 jobs, said Dirk Pieper, its chief executive officer. "It was a strategic fit for us," he said, and significantly increases internal weaving capability for future growth. With this weaving facility and a dyeing and finishing plant that was part of the original acquisition, Sage is the second largest employer in Abbeville County, he said. The acquisition "is another step in demonstrating Sage's commitment to manufacturing in the Upstate," said Brian McSharry, chief operating officer. "That's an outcome of viability of a plant in a highly competitive industry," said Bruce Yandle, dean emeritus of Clemson University's College of Business and Behavioral Science. When Sage was spun off, it came from a strong background, he said, and has remained "a competitive supplier in an international marketplace." Retaining jobs and keeping facilities open and productive is a major help to the Upstate's economy, he said. Milliken's sale of its automotive cloth division to Sage Automotive was completed in September. Former Milliken division executives founded the new company, which is based in the Upstate. Terms of the deal were not disclosed. Sage makes automotive body fabric for seating, door panel surfaces and headliners under the Yes Essentials and FXC brands, as well as other branded products. Global offices and manufacturing locations include the U.S., Japan, China, Brazil, Korea and Europe. About 1,000 former Milliken employees worldwide now work for Sage Automotive. This content has passed through fivefilters.org. |
| Acquisition complete for Sage Automotive - Spartanburg Herald-Journal Posted: 02 Dec 2009 12:11 AM PST Spartanburg-based Sage Automotive Interiors announced it completed its acquisition of Milliken & Co.'s 300,000-square-foot Sharon Plant off Highway 72. Milliken said in May it planned to close the plant, which produces woven fabric for automotive applications, by mid-2009, eliminating the jobs of 140 employees who worked there. That announcement was a part of the company's plan to sell its auto cloth division to two former Milliken executives, Dirk Pieper and Brian McSharry, who founded Sage in September. The emerging company initially spared about 1,000 Milliken employees losing their jobs. McSharry said both Sage and Milliken had hoped to make the Sharon plant part of the original agreement, but were unable to do so and about 70 jobs were lost to downsizing at the plant. "Both companies were focused on making this happen," he said. "We're extremely happy and pleased with the outcome. These are some of the best employees in the world." McSharry did not disclose financial terms of the deal, but he said the acquisition includes the plant and the employees and equipment still housed there. "Milliken had hoped that things could eventually be worked out with the Sharon plant," said Milliken spokesman Richard Dillard. "We're very happy for the 70 or so former Milliken employees who will be able to keep their jobs." Sage said it will continue to produce and sell automotive body cloth under its Yes Essentials and FXC brands, as well as other branded products. In addition to its U.S. operations, the company has global offices and manufacturing locations, Japan, China, Brazil, Korea and Europe. This content has passed through fivefilters.org. |
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