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GM strikes deal to sell Saturn brand to Penske

Posted on: Mon, 08 Jun 2009 09:41:00 EDT

Symbols: GMCEQ

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NEW YORK, Jun 06, 2009 (Kyodo News International - McClatchy-Tribune Information Services via COMTEX) --
GMCEQ | Quote | Chart | News | PowerRating -- General Motors Corp. said Friday it has struck a tentative deal to sell its Saturn brand to Penske Automotive Group, the second largest auto dealership in the United States.

Penske, led by racing legend Roger Penske, will take over the Saturn brand and more than 350 dealerships currently run by GM for the compact car, saving 13,000 jobs, GM said days after it filed for Chapter 11 bankruptcy protection. The deal is expected to be completed by the end of September.

The move is part of GM's sweeping restructuring plan aimed at unloading unprofitable operations.

The company has already announced the sale of the Hummer brand to a Chinese firm. It is also considering disposing of the Pontiac brand and is looking for a buyer for Saab.

Instead, the carmaker will focus on Chevy, Cadillac, GMC and Buick brands.

GM launched Saturn cars in 1990 to better compete with successful Japanese imports but its sales turned out to be lukewarm.

Penske operates about 160 sales outlets in the United States and about 150 outlets overseas.

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