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Detroit, September 25: : General Motors Corp's treasurer said on Thursday that the automaker is planning to put its Strasbourg, France, manufacturing operation and its Hummer truck brand up for sale, and it may announce more asset sales later this year.
Company Treasurer Walter Borst said in a slide presentation at the Deutsche Bank Leveraged Finance Conference that the company expects to distribute marketing materials for both operations in October.
The slides posted on GM's Web site on Thursday say the assets under review are worth USD 2 billion to USD 4 billion. The presentation also says GM continues to review other asset sales and will make more announcements in the fourth quarter.
"We believe that we can monetize certain assets without impacting the strategic direction of the company,"
Borst said during his presentation, which was posted on GM's investor Web site.
GM and other automakers have faced liquidity problems as losses have mounted and US sales have declined. GM announced a plan in July to cut USD 10 billion in costs and raise another USD 5 billion through asset sales and borrowing through the end of next year.
Borst said GM expects the global market to grow from 70.6 million in sales last year to more than 75 million in 2010, and says GM is positioned to capture that growth in emerging markets. The growth, coupled with cost cuts, factory capacity reductions and other management decisions, will set the stage for improved financial results by 2010, he said.
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