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28 May 2009

Restructuring has no impact on GM’s Asean operations

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Restructuring has no impact on GM’s Asean operations
General Motors Corp (GM) said Wednesday its operations in Thailand and Southeast Asia are unaffected by its ongoing restructuring.

"Operations in Thailand and the Asean region will remain unaffected by GM Corp's situation in the US, even in the event GM Corp files for Chapter 11. This is because GM Thailand, including Chevrolet Sales Thailand, and other operations in Asean are locally-incorporated entities which accords them the ability to operate independently from its parent company in the US," Dow Jones newswires reported, quoting a statement issued by General Motors.

Operations in the Asia Pacific are expected to record growth this year, boosted by the launch of new products and product upgrades throughout the year, it said.

"Proof of growth potential in this region can be seen in GMAP's (General Motors Asia Pacific) growth," GM said. The Asia-Pacific operations posted double-digit growth in the first quarter of 2009, and GM said in the statement it believes this will be the trend for the rest of 2009.

Expansion projects in Thailand remain on its agenda, Nick Reilly, vice president of GM Group and president of GM Asia Pacific, said in the statement after meeting with Thai Prime Minister Abhisit Vejjajiva.

"For Thailand, the two sizeable manufacturing expansion projects - for tooling and assembly of a new mid-sized pickup and SUV models, and for a diesel engine facility in Rayong, remain on GM Thailand's agenda," the company said.

The Thai unit of General Motors Corp. is seeking financial support from local financial institutions for its future investment in a 15 billion baht ($436 million) diesel-engine and one-ton pickup project.

"The loans and governmental support it has been seeking in Thailand were not for GM Thailand's sustainability, but to ensure its continued growth and to avoid sustained delays to its growth plans in Thailand, especially in light of the current financial situation," the company said in the statement.


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