Skip to main content
Sister Publication Links
  • Rubber & Plastics News
Subscribe
  • My Account
  • LogIn
  • News
  • Technology Focus
    • Features
    • Technical Papers
    • Analysis: Rubber mixing plants of the future
      Analysis: US probes dumping by ESBR suppliers
      Opinion: Tire labels stuck in a rut
      Analysis: NR pricing takes one step forward, two steps back
    • White paper: Role of tire innerliners in improving 'in-use rolling resistance'
      White paper: Why tire air retention matters now more than ever
      Nippon Soda: Use of 1,2-polybutadiene in CSM rubber applications
      Elastomers for Sustainability Top 10
  • Events
    • ERJ Events
    • ERJ Livestreams & Webinars
    • Industry Events
    • Journey to Automation Awards 2020
      Sustainability: Top 10 E4S projects table
  • Maps & Reports
  • People
  • Directory
  • Digital Edition
  • Brainiac
MENU
Breadcrumb
  1. Home
  2. News
May 23, 2011 12:00 AM

Some Saab suppliers agree to restart deliveries

ERJ Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    ERJ staff report (AN)

    Stockholm (Reuters) -- Saab said that some suppliers had agreed to restart deliveries and it was holding talks with others in order to get production restarted after a month's break due to unpaid bills.

    Saab, rescued from closure by Dutch company Spyker Cars NV a year ago, got another last-minute reprieve on Monday when it inked a preliminary funding deal with Chinese group Pangda Automobile Trade Co.

    Production director and purchasing manager, Gunnar Brunius, said Saab had begun talks with its roughly 800 suppliers on Wednesday and had already reached agreement with some, including plastic component supplier Plastal.

    "What we are aiming at, what is an internal goal here now, is (for production) to be up and running at the end of next week," he told Reuters.

    Under the Pangda deal, Saab gets an instant 30 million euros ($43 million) for vehicles destined for sale in China.

    Pangda, which raised nearly $1 billion in an initial public offering last month, will pay 65 million euros for a 24 percent equity stake in Spyker at 4.19 euros per share.

    The latter step will require approval from Chinese authorities, something that may not be easy to get.

    Also on Thursday, Pangda said it aimed to set up a manufacturing venture with Spyker and a local partner this year and start making cars in two years.

    Should this part of the deal fall through, Saab will have to repay the initial 30 million euros.

    Russian businessman Vladimir Antonov has also been waiting in the wings to take a stake in Saab, a move that requires approval from the European Investment Bank, which has extended a loan to Saab and former Saab owner General Motors Co.


    From Automotive News (A Crain publication)

    RECOMMENDED FOR YOU
    Synthomer dismisses takeover reports
    Synthomer dismisses takeover reports
    New-look Bridgestone to emerge under 10-year plan
    New-look Bridgestone to emerge under 10-year plan
    Sri Trang Gloves starts major capacity expansion 
    Sri Trang Gloves starts major capacity expansion 
    Free Newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Get the latest news impacting the European rubber industry, from breaking news to razor-sharp analysis, in print and online.

    Subscribe now
    Connect with Us
    • LinkedIn
    • Twitter
    • Youtube

    Logo
    Contact Us

    @ 2019 European Rubber Journal. 
    European Rubber Journal is published bi-monthly by NUERJ Ltd.

    Registered Office: Castle House, 89 High Street,
    Berkhamsted, Hertfordshire HP4 2DF, United Kingdom. 

    Tel. + 44 (0)203 196 0141 

    Registered No. 13104613 England

    Email: [email protected]

    Website www.european-rubber-journal.com

    Customer service 

    Tel. + 44 (0)203 196 0141 

     

    Resources
    • About us
    • Contact Us
    • Advertise with Us
    • Media Kit
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
    • Technology Focus
      • Features
      • Technical Papers
    • Events
      • ERJ Events
      • ERJ Livestreams & Webinars
      • Industry Events
    • Maps & Reports
    • People
    • Directory
    • Digital Edition
    • Brainiac