General Motors Restructures International Markets to Strengthen Global Business Performance

SINGAPORE, May 18, 2017 /PRNewswire/ —

  • GM India to focus on export manufacturing
  • Isuzu Motors to purchase GM South Africa light commercial vehicle manufacturing operations
  • Chevrolet to be phased out of Indian and South African markets

General Motors (NYSE: GM) today announced key restructuring actions in its GM International operations to drive stronger financial performance and focus its capital and resources on business opportunities expected to deliver higher returns.

The company will focus its GM India manufacturing operations on producing vehicles for export only and will transition GM South Africa manufacturing to Isuzu Motors. GM’s Chevrolet brand will be phased out of both markets by the end of 2017.

“As the industry continues to change, we are transforming our business, establishing GM as a more focused and disciplined company,” said GM Chairman and CEO Mary Barra. “We are committed to deploying capital to higher return initiatives that will enable us to lead in our core business and in the future of personal mobility.

“Globally, we are now in the right markets to drive profitability, strengthen our business performance and capitalize on growth opportunities for the long term. We will continue to optimize our operations market by market to further improve our competitiveness and cost base.”

These decisions were made following an extensive review of operations in GM International markets and reflect a series of actions taken to improve global business performance that began in late 2013.

“These actions will further allow us to focus our resources on winning in the markets where we have strong franchises and see greater opportunity,” said GM President Dan Ammann. “We have compelling plans for growth in both the top line and the bottom line as we invest for the future.”

GM Executive Vice President and President, GM International, Stefan Jacoby said the company is running its GM International markets with an enterprise approach and making decisions that are best for the global business.

“In India, our exports have tripled over the past year, and this will remain our focus going forward,” he said. “We determined that the increased investment required for an extensive and flexible product portfolio would not deliver a leadership position or long-term profitability in the domestic market.”

In South Africa, Isuzu will acquire GM’s light commercial vehicle manufacturing and GM will cease manufacturing and sales of Chevrolet in the domestic market, subject to local regulatory requirements.

“After a thorough assessment of our South African operations, we believe it is best for Isuzu to integrate our light commercial vehicle manufacturing operations into its African business,” said Jacoby. “We determined that continued or increased investment in manufacturing in South Africa would not provide GM the expected returns of other global investment opportunities.”

Under the improvement actions announced:

India: GM’s manufacturing facility at Talegaon will continue as an export hub for Mexico and Central and South American markets. GM will cease sales of Chevrolet vehicles in the domestic market by the end of 2017. Existing Chevrolet customers will continue to be supported in the market.

South Africa: Isuzu will purchase GM’s Struandale plant and GM’s remaining 30 percent shareholding in the Isuzu Truck South Africa joint venture, with sales through a national dealer network. Isuzu will also purchase GM’s Vehicle Conversion and Distribution Centre and assume control of the Parts Distribution Centre. The company will phase out the Chevrolet brand in South Africa by the end of 2017. GM continues to work with PSA Group to evaluate future opportunity for the Opel brand in South Africa. Importantly, existing Chevrolet and Opel customers will continue to be supported in the market.

East Africa: As announced on February 28, Isuzu has agreed to purchase GM’s 57.7 percent shareholding in GM East Africa, assuming management control. GM will withdraw sales of the Chevrolet brand from the market.

Singapore: GM International will streamline its regional headquarters office in Singapore, which will retain responsibility for strategic oversight of the remaining regional business and markets, including Australia and New Zealand, India, Korea and Southeast Asia. This will deliver greater organizational efficiencies while leveraging global resources and in-market expertise.

Across affected markets, GM is working with employees, their union representatives and local authorities to provide transition support.

As a result of these actions, GM expects to realize annual savings of approximately $100 million and plans to take a charge of approximately $500 million in the second quarter of 2017. The charge will be treated as special and excluded from the company’s EBIT-adjusted results. About $200 million of the special charge will be cash expenses.

Forward Looking Statements: This document may include forward-looking statements. These statements are based on current expectations about possible future events and thus are inherently uncertain. Our actual results may differ materially from forward-looking statements due to a variety of factors, including: (1) our ability to deliver new products, services and experiences that attract new, and are desired by existing, customers and to effectively compete in autonomous, ride-sharing and transportation as a service; (2) sales of full-size pick-up trucks and SUVs, which may be affected by increases in the price of oil; (3) the volatility of global sales and operations; (4) aggressive competition, including the impact of new market entrants; (5) changes in, or the introduction of novel interpretations of, laws, regulations or policies particularly those relating to free trade agreements, tax rates and vehicle safety and any government actions that may affect the production, licensing, distribution, pricing, or selling of our products; (6) our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (7) compliance with laws and regulations applicable to our industry, including those regarding fuel economy and emissions; (8) costs and risks associated with litigation and government investigations; (9) compliance with the terms of the Deferred Prosecution Agreement; (10) our ability to maintain quality control over our vehicles and avoid recalls and the cost and effect on our reputation and products; (11) the ability of suppliers to deliver parts, systems and components without disruption and on schedule; (12) our dependence on our manufacturing facilities; (13) our ability to realize production efficiencies and cost reductions; (14) our ability to successfully restructure operations in various countries; (15) our ability to manage risks related to security breaches and other disruptions to vehicles, information technology networks and systems; (16) our ability to develop captive financing capability through GM Financial; (17) significant increases in pension expense or projected pension contributions; (18) significant changes in the economic, political, and regulatory environment, market conditions, and foreign currency exchange rates; and (19) uncertainties associated with the consummation of the sale of Opel/Vauxhall to the PSA Group, including satisfaction of the closing conditions. A further list and description of these risks, uncertainties and other factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and our subsequent filings with the Securities and Exchange Commission. GM cautions readers not to place undue reliance on forward-looking statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements.

General Motors Co. (NYSE: GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.

Caterer remanded over anal sex

Accra -A 41-year old caterer, who is accused of having anal sex with his 15 year old nephew for the past two years at Adabraka, has been remanded into Police custody by an Accra Circuit Court.

Kenneth Nana Akwasi Amoako Attah charged with defilement pleaded not guilty.

He is to reappear on May 30.

Declining bail, the court presided over by Mrs Abena Oppong Adjin Doku held that the victim and the accused reside in the same house.

Prosecuting Detective Inspector Kofi Atimbire said the complainant a Retired Laboratory Technician and a grandparent of the victim resides at Dansoman, Accra.

The victim resides with his mother, and the accused is an uncle to the victim.

According to prosecution, the victim has been running errands for the accused and he has been luring victim into his room and on several occasions had anal sex with the victim in a sofa chair in his living room and also on the accused bed in in his bedroom since 2015 until April this year.

After every act, prosecution said the accused person threatened the victim not inform anyone else he would kill him.

Inspector Atimbire said the victim kept the ordeal to himself until he went to spend Easter Holidays with his grandparents.

Prosecution said the victim started behaving strangely and was taken to a church in Adabraka for prayers and it was there that he revealed his ordeal at a church service.

According to prosecution, the pastor of the church advised the complainant to send the

After seeking medical care at the Korle-Bu Polyclinic, the medical officer recommended that the matter be reported to the Police and she did.

A complaint was lodged with the Domestic Violence and Victim’s Support Unit (DOVVSU) and accused was arrested.

Source: Ghana News Agency

H.E Nana Akufo-Addo to grace 42nd MTN-SWAG Awards

Accra, The President, His Excellency Nana Addo Dankwah Akufo-Addo will be the Special Guest of Honour at the 42nd Sports Writers Association of Ghana (SWAG) Awards Night to be held in Accra.

The MTN-SWAG Awards, scheduled for Saturday, May 27, 2017 at the Banquet Hall of the State House, would attract the crAme de la crAme of Ghana sports and corporate heavyweights. It will be used to honour and celebrate distinguished sportsmen and sportswomen who excelled in 2016.

A statement from the SWAG secretariat said President Akufo-Addo will join over 700 guests at the Banquet Hall to celebrate sporting excellence and help honour the men and women who worked tirelessly to raise high the flag of Ghana in 2016.

The event would also be attended by Patrons of SWAG and distinguished invited guests, including the Minister of Youth and Sports and his deputy, the Director-General of the National Sports Authority (NSA), executives of the Ghana Olympic Committee (GOC), Ghana Football Association (GFA) and other sports federation heads.

The MTN-SWAG Awards is the longest running sports event in Ghana and will confer honours on about 30 sportsmen and sportswomen, as well as corporate institutions for their role in the development and promotion of sports in Ghana.

Emmanuel Tagoe, the International Boxing Organisation (IBO) lightweight champion, and Federation of International Football Association (FIFA) and CAF Venue Coordinator, Anthony Baffoe, will vie for the topmost award, the SWAG Sports Personality of the Year prize.

The prestigious event is sponsored by communication giants MTN Ghana, with support from Activa International Insurance, GOIL, CDH Holdings, Ghana Free Zones Board, uniBank, Databank Limited, Stanbic Bank and StarTimes Ghana Limited.

Source: Ghana News Agency

Trade Ministry purchases Kantaka vehicles

Accra, The Ministry of Trade and Industry has taken the first step to purchase the ‘Kantaka SUV Car’ at a cost of GH?150,000.00.

Mr Alan Kyeremanten, the Sector Minister, receiving the vehicle at a ceremony in Accra, said the initiative was to encourage Ghanaians to buy made in Ghana products to boost local production.

Mr Kyeremanten said the gesture was part of government’s vision to support local enterprises and initiatives to expand production and create jobs for the citizenry.

He said the Kantaka brand had distinguished itself in developing local skills and new technologies and called for support from institutions to ensure the technologies produced get international recognition.

The Minister urged the public to buy the vehicles and other made in Ghana products to increase local enterprises in the country.

Mr Kwadwo Safo Junior, the Chief Executive Officer of Kantaka Automobile, commended government for taking the initiative to purchase the vehicle, saying it would boost public confidence to patronise their products.

He said the company had the capacity to produce more vehicles and that it manufactured 70 per cent of its products while importing 30 per cent.

Mr Safo Junior said the company had been involved in the assembling of vehicles in the country some years ago in a bid to help improve the automobile industry and allow for competition on the international scene.

Source: Ghana News Agency

Forty per cent of Lupus patients quit work – report

Accra, A Global Survey from the World Lupus Federation has demonstrated that 40 per cent of Systemic Lupus Erythematosis (SLE) patients quit work or retire earlier than planned.

The survey also revealed that 60 per cent have had to make adjustments around the house to cope with the disease.

Seven out of 10 patients agree SLE affects their self-esteem and over half feels alone and powerless, the survey said.

The report, made available to the Ghana News Agency, indicated that Lupus was difficult to diagnose, hard to live with, a challenge to treat, invisible to others and strikes without warning.

Lupus is an autoimmune disease that develops when a person’s immune system which defends the body against disease becomes confused and identifies its healthy cells as foreign and consequently attacks its own healthy cells.

The SLE could affect any of the major organs in the body and symptoms could vary greatly in severity and intensity, common symptoms include debilitating fatigue, butterfly-shaped facial skin rash and joint pains.

The report said currently, there is no cure for the disease, but in most cases, it could be managed successfully with early diagnosis and with expert medical care and attention.

It said treatment should be aimed at reducing disease activity, treating symptoms and minimizing flares in order to reduce the risk of developing long term organ damage.

The World Lupus Federation said the most current treatment options including antimalarial, glucocorticoids and immune suppressant were not originally designed for the disease.

The report described the knowledge and understanding of Lupus as extremely low, although awareness was slowly increasing, thanks to the educational efforts of advocacy groups like the Federation.

People with the disease continue to experience a degree of prejudice and discrimination just because for many with the disease, Lupus is invisible, the report said.

Mrs Emma Wilhelmina Halm Danso, the Founder of Oyemam Autoimmune Foundation, an advocacy group championing awareness on Lupus, told the GNA that the disease could be an invisible disease and could take up to 11 years to get a proper diagnosis.

She said education and awareness could help to manage the system and also get an early diagnosis to prevent the disease activity from advancing.

Mrs Halm Danso said Lupus could affect any organ in the body in unpredictable and immeasurable ways.

The Foundation believes that the time to give Lupus and autoimmunity the needed attention in Ghana is now, she said.

Currently, treatment for Lupus varies widely and it was to reduce disease activity, treat symptoms and flares and reduce organs damage.

Mrs Danso said the Lupus disease was not contagious and you could not Catch Lupus from someone else.

She said the Foundation was creating awareness about the disease in the country and it was their goal to get Lupus chronic conditions on the national agenda to bring relief to the many people and families suffering in silence and save lives.

Mrs Danso, therefore, called on policy makers, corporate organisations and other institutions interested in health issues to join hands in saving lives and inspiring hope in patients.

Source: Ghana News Agency