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GM sells Saturn to Penske
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Penske will buy Saturn from GM
General Motors announced Friday that it will sell its once-groundbreaking subsidiary Saturn to Penske Automotive Group. The exact amount of the sale is confidential for now, but other news sources are reporting $100 million to $200 million. It suffices to say, that's not a lot for a car company.
But this move is likely to be good for all parties. GM gets some cash and slims down towards its core business, Saturn gets to live on and save about 13,000 U.S. jobs and about 350 dealerships, and Penske gets a good car business.
But like all huge corporate mergers, this one is complicated - GM will continue to manufacture the actual Saturn cars through 2011, and then Penske must find an alternate supplier. Penske has said they will line up a supplier somewhere in the world, but want to keep making the cars in the U.S.
For more info: You can learn more about Penske here, and Saturn here.
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