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Penske Automotive agrees to buy GM’s Saturn

Posted Friday, Jun 5, 2009, 11:41 am in Employee News

Auto entrepreneur Roger Penske’s Penske Automotive Group has signed an agreement to purchase Saturn Corp. from General Motors by the end of the third quarter, the Automotive News reported.

Tthe deal will save nearly 350 dealerships and about 13,000 jobs related to Saturn, said Jill Lajdziak, Saturn’s general manager. A Saturn deal would mark the second agreement to sell a brand since GM’s bankruptcy filing on Monday, the paper said. On Tuesday, GM said it had a preliminary accord to sell Hummer to China’s Sichuan Tengzhong Heavy Industrial Machinery Co.

Penske indicated he hopes Saturn’s General Manager Jill Lajdziak will join his company in a management role once he completes the Saturn transaction, the publication said. He also hopes to find a spot for former Chrysler President Tom LaSorda, who he hired last month as a consultant on his bid to buy Saturn, Automotive News said.

Saturn will be wholly owned by Penske Automotive, the nation’s second-largest auto dealership group, the paper said. The retailer will partner with GM to initially keep the Aura sedan, the Vue SUV and the Outlook crossover in the lineup for at least two years, the story said. (Automotive News)
 
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