Swedish car maker restructures in preparation for sell-off
12 March 2009

Saab is to cut around a fifth of the workforce from its Swedish base to reduce costs and make it more attractive to potential buyers.

The company has given notice to 750 employees at its Trollhattan plant in south-west Sweden. An estimated 4100 people work at the site.

“These notices are a direct consequence of the recession and the global economic downturn,” said a Saab spokesman.

Parent company General Motors is currently looking to sell Saab, which was granted creditor protection last month so that it can reorganise itself and come up with a credible plan for its future.

A Saab spokesman claimed that between six and eight companies had expressed an interest in buying the company, adding that Deutsche Bank has been hired to find more potential bidders.

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