RHJ International wants to save Vauxhall plants
By Andrew C., 30 Aug, 2010. 0 Comments
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As part of its bid for the European arm of General Motors, RHJ International has vowed that the two Vauxhall plants in the UK will remain open, according to a report from Autocar. Last week, Autocar also reported that GM -- acting on fears that a consortium of Magna and Sberbank would asset-strip technology to start up a domestic car industry in Russia -- will be moving away from selling Vauxhall and Opel. If GM does make the deal with RHJ, it would allow for the possibility of GM buying back the two brands in the future. The latest reports reveal that RHJ, a Brussels-based industrial holding, is in "advanced talks" with GM. RHJ's bid also includes a promise to repay all state-backed loans to Opel by 2015; in fact, RHJ has been in talks with the governments of these European countries that have a GM plant. UK's business secretary Lord Mandelson has even gone as far as to say that any future financial aid will have to be in conjunction with continued operations at Vauxhall's plants in Luton and Ellesmere Port.
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