03.05.2011
Saab rescued by Chinese automaker
The Chinese alliance comes only a year after tiny Dutch supercar maker Spyker (SPYKR.AS) bailed out the General Motors' (GM.N) unit. GM retains an interest through redeemable preference shares.
Loss-making Saab has veered toward collapse in recent weeks after running out of cash to pay its bills. Several suppliers stopped delivering parts, halting production at Saab's Trollhattan plant for most of last month.
Spyker Cars said on Tuesday Hawtai Motor Group would invest 150 million euros ($222 million) in return for shares, providing funds that will enable Saab to pay overdue bills and resume production.
The move marks the second time a Chinese company has invested in a top Swedish car maker, and paves the way for the new Saab 9-3 model to be produced in China, starting in 2013.
Zhejiang Geely, the parent of Hong Kong-listed Geely Automobile Holdings (0175.HK), bought Saab's Swedish rival Volvo Cars from Ford Motor (F.N) last year for $1.3 billion in cash and a $200 million note issued to Ford.
The Hawtai deal is one of several pulled together to stave off Saab's collapse, including share issues, the sale of Spyker's sportscar operations, proposals to borrow more, and to sell and lease back Saab's real estate.
"Saab is now well financed. It has secured its short and mid-term financing needs," Chief Executive Victor Muller said.
"That puts the credit crunch that the company went through in April to bed."
The Hawtai-Spyker deal still needs Chinese government approvals, a hurdle that some Chinese overseas deals have failed to cross, for example, Sichuan Tengzhong Heavy Industrial Machinery's bid for GM's Hummer in 2010.
Muller said it would take six to 12 weeks to obtain local permits, and that Hawtai would pay the first installment of its investment within 10 days.
Patrick Beijersbergen of Dutch shareholders group VEB was sceptical.
"The deal is not sealed yet. We have seen this with other takeovers or participations," he said, adding it was too early to say if the deal would increase Saab's chances of survival.
GREAT LEAP FORWARD
China's Hawtai makes SUV and passenger cars, and has production capacity for 300,000 clean diesel engines, 450,000 transmissions and 350,000 vehicles, according to its website.
Founded in 2005, it is owned by entrepreneur Zhang Xiugen who was first listed on the Forbes 400 Richest Chinese list in 2005, when at the age of 44 he ranked 368th with an estimated net worth of $62 million.
Initially, Saabs produced in Sweden will be imported and distributed in China. Muller said production of the new Saab 9-3, due to start in October 2012, will begin in China in 2013, for sale in the local Chinese market. Saabs produced in Sweden will be sold in Europe and elsewhere.
Hawtai vice president Richard Zhang said the companies would set up a joint venture with a sales target of 100,000 to 200,000 cars per year in China. Rival Volvo Cars has said it wants to sell up to 200,000 cars a year in China by 2015.
Spyker, which wants to boost sales and explore production in fast-growing emerging markets, including China and Russia, as well as Brazil and India, said on Tuesday that Hawtai will pay 120 million euros for a 29.9 percent stake in the firm, short of the threshold that would trigger a takeover offer.
Spyker has struggled to turn Saab around, producing only 31,700 cars last year. It set a sales target of 80,000 vehicles for 2011, but last week said it would fail to meet that.
As Spyker faced a cash crisis, it scrambled to raise funds from shareholders -- who include Muller, a Middle Eastern fund, and Gemini Investment Fund Ltd which is controlled by a Lithuanian businessman -- and from new investors and banks.
Muller said it was unclear what the final shareholder structure would look like following the various proposed deals.
Spyker said on Monday it had agreed a 30 million euro convertible loan with Gemini and that it would draw 29.1 million euros on its loan from the European Investment Bank.
Vladimir Antonov, a Russian businessman and former shareholder in Spyker who was forced by GM to relinquish his stake, also proposed buying a 29.9 percent stake in Spyker for up to 30 million euros, and agreed to buy Saab's real estate and plant and lease it back to release cash.
Those deals have been held up after the EIB imposed terms Saab did not agree with. The EIB is also still to decide whether Antonov can become a shareholder of Spyker-Saab again.
He has said he has cleared his name and Sweden's Debt Office, which has guaranteed the EIB loan, has approved Antonov's return.
(Reporting by Aaron Gray-Block and Gilbert Kreijger in Amsterdam, Wan Xu in Beijing, and Lee Chyen Yee in Hong Kong; Writing by Sara Webb; Editing by Chris Wickham, Louise Heavens and Mike Nesbit)
($1=0.6753 euros)
19:33 | Lien permanent | Commentaires (0) | Envoyer cette note | Tags : raton, shoes, alfortville, conjuration, ak
Dent Wizard Works to Repair Dented Vehicles in Knoxville After Severe Hail Storms Strike
“Along with a large majority of the South, Knoxville residents are recovering from highly destructive storms. With an abundance of power outages, toppled trees and damaged buildings in Knox County, we are glad to have the opportunity to leverage our expertise to help the community get their cars back on the road and in ‘like new’ shape. We know that repairs to hail damaged cars can be costly and timely. Our team is second to none in terms of speed of delivery, cost and quality of work,” said Scott Bevins, regional hail manager.
Dent Wizard is the world leader in . PDR refers to the cutting-edge process, typically used for hail damage, in which vehicle dents and dings are accessed from behind the metal with specially designed tools and then slowly 'massaged' out, leaving the factory paint intact and preserving the value of each vehicle repaired.Dent Wizard has over 1,000 trained PDR technicians on the job in automobile dealerships and locations throughout the United States and Canada. One of the unique benefits of Dent Wizard is that they have employees on the ground year round, unlike typical 'hail chasers' that come in for a storm and leave when the damage is under control.
“Dent Wizard not only pioneered the Paintless Dent Removal process, but our skilled team of technicians is constantly working to improve our unmatched PDR techniques to stay ahead of the curve. Our training program is the most extensive in the industry, and the results speak for themselves,” said Scott Bevins.
According to the National Weather Service, hail as large as golf balls damaged buildings, windows and vehicles in the Knoxville Region. The storm also left nearly 6,900 Knoxville residents without power.
For more information on Dent Wizard or to learn more about services available in the affected Tennessee area please contact 1-866-DENT-411 (866-336-8411) or visit: .
About Dent Wizard International Dent Wizard International has been the leader in the development of Paintless Dent Removal (PDR) technology since its establishment in 1983. Dent Wizard provides on-site cosmetic reconditioning services and products to the automotive industry through its relationships with dealerships, auto auctions, rental companies and insurance companies. An affiliate of H.I.G. Capital, a leading global private equity investment firm, St. Louis-based Dent Wizard operates throughout the United States and Canada. For more information visitcall 800-DENT-WIZ.
# # #
Christine ChamberlinDent Wizard International800-267-9369 1867Email Information
17:13 | Lien permanent | Commentaires (0) | Envoyer cette note | Tags : voip, iphone, ade, claquer, coquette
Metcam Expands Workforce with the Addition of 30 New Jobs, Enters Training Partnership with Georgia Quick Start and Lanier Technical College
Alpharetta, GA (PRWEB) April 29, 2011
Metcam, a fabricator of sheet metal components and assemblies for OEMs, announced today that it will be adding 30 new positions to their Forsyth County-based facility. The new manufacturing hires represent a 20% increase in the overall size of Metcam’s workforce.
“Metcam’s ability to produce the highest quality products, delivered on-time continues to generate new opportunities for growth,” states Bruce Hagenau, President of Metcam. “Finding and developing qualified employees is key to helping us make good on the new business agreements we’ve entered.”
The jobs will be good opportunities not only for candidates with previous sheet metal fabrication experience but also for applicants with assembly, paint, hardware or machine operator experience as well as the ability to read blue prints.
Metcam is working with Georgia Quick Start and Lanier Technical College on creating and implementing a training program that supports not only the 30-job expansion, but the continued development of the entire workforce. The training program focuses on quality and productivity enhancement such as lean manufacturing and ISO principles, as well as communication, leadership and collaboration skills.Quick Start will be designing and developing the training material as well as providing instructors for the classes.
“Helping existing Georgia companies grow and stay competitive is a big part of our mission at Quick Start,” said Jackie Rohosky, Technical College System of Georgia Assistant Commissioner of Economic Development Programs and Head of Quick Start. “We’re honored to partner with Metcam as the company creates additional jobs and builds on its successes.”
“The Development Authority of Forsyth County and Lanier Technical College collaborated to assist Metcam with accessing local workforce development and other necessary resources for this expansion. This project is indicative of the economic vitality of our community and we look forward to seeing the fruits of this fantastic partnership,” says Randall Toussaint, Vice President of Economic Development for The Cumming-Forsyth County Chamber of Commerce.
About Georgia Quick Start Quick Start is Georgia’s internationally acclaimed economic development program that provides customized workforce training at no cost to qualified new, expanding and existing businesses in Georgia. Since 1967, Quick Start has trained more than 877,000 employees through 6,000 projects with a broad range of industries. For more information, visit .
About MetcamMetcam is a fabricator of precision sheet metal components and assemblies for original equipment manufacturers (OEMs) representing a wide variety of industries including telecommunications, electronics and HVAC. Metcam’s advanced metalworking capabilities include laser cutting, punching, forming, hardware insertion, welding (including robotics), powder painting, silkscreen and assembly. Metcam also assists clients with product design and manufacturability to reduce their total cost of production. Metcam’s award winning service combined with an aggressive focus on quality, environmental management and lean manufacturing, simplifies the outsourcing decision for firms worldwide. For more information, visit .
# # #
JENNIFER KOONMICHAEL MACKENZIE COMMUNICATIONS404-543-9636Email Information
16:54 | Lien permanent | Commentaires (0) | Envoyer cette note | Tags : jeans, cluny, boinville, jument, humeur