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article imageGeneral Motors to shut down Saturn brand

By Kay Mathews     Sep 30, 2009 in Business
GM will discontinue its Saturn brand after deal with Penske fell through. Penske's board of directors rejected an initial agreement with GM that was reached in June.
According to The Washington Post, GM just announced that "it would shut down its Saturn brand after an agreement with Penske Automotive Group Inc. to acquite it fell through."
Saturn and its dealers will be phased out.
GM CEO Fritz Henderson was quoted as saying:
This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality. PAG's announcement explained that their decision was not based on interactions with GM or Saturn retailers.
The initial negotiation centered around Penske making Saturn cars in conjunction with another manufacturer. However, Penske's board of directors "rejected the agreement."
GM and PAG had agreed in June that GM would produce Saturn cars for a limited time until Penske's complete takeover of the brand.
Saturn owners can go to Saturn dealerships for service until all dealerships are closed. After that time, Saturn owner can go "to a certified GM dealer for service" reports The Washington Post.
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