FACTBOX-Key facts about GM subsidiary Saab

Tue May 19, 2009 12:24pm EDT

May 19 (Reuters) - General Motors' (GM.N) Swedish unit Saab Automobile on Tuesday sought court approval to extend a grace period during which it is protected from creditors while it looks for a new owner and fresh cash.[ID:nLJ583031]

Below are some key facts about Saab Automobile.

* Headquarters: Trollhattan, southwest Sweden.

* Financials: Saab has not made a profit since 2001.

-- In its first court filing in February Saab estimated its 2008 loss at 3 billion Swedish crowns ($392 million) and said it expected a similar result for 2009. The company hopes to reach profitability around 2011.

-- In 2007, Saab made an operating loss of 2.19 billion Swedish crowns, according to the Swedish Companies Registration Office.

* Employees: around 3,400 by May 18, 2009.

* Sales: 93,295 vehicles globally in 2008, or 1.1 percent of total GM sales volume, down 25 percent from 2007.

* History: Saab has made cars in Trollhattan since 1949. GM bought 50 percent of the firm in 1989 when Saab Automobile was established as an independent company. GM bought the rest of Saab Automobile in January 2000.

* Products: Saab's 9-5 and 9-3 models are built in Trollhattan. The 9-3 Cabriolet is made by Magna Steyr in Graz, Austria. GM plans to move production of Saab 9-5 to its Opel factory in Ruesselsheim, Germany, in 2009. There are also plans for new 9-5 and 9-3 models and a 9-4 sports utility vehicle.

* Subsidiaries: GM Powertrain Sweden AB and SAAB Deutschland GmbH. The latter has a German sales and service subsidiary. (Sources: Saab Automobile, GM Sweden, GM Europe, Swedish Companies Registration Office) ($1=7.866 Swedish Crown)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video