Daewoo Ireland to benefit from GM deal

2 May 2002: General Motors (GM/Opel), the largest automotive company in the world, is to buy a 67% stake in Daewoo Motors in Korea in a deal valued at 1.4 billion euros.

This acquisition will consolidate Daewoo Motor’s position as part of the world’s most powerful automotive manufacturer.

Daewoo has been represented in Ireland since 1998 by a private consortium headed by Gerard O’Toole of Nissan Ireland and the Windsor Motor Group.

It has 21 dedicated dealers throughout the country and is currently recruiting new dealers for its network.

Mr O’Toole said this positive move consolidates Daewoo Motor’s global position and they will continue to aggressively expand the operation.

A new super mini, the Kalos, will be arriving here in September. It will be abailable in a 1.2-litre and 1.4-litre engine sizes.

Other models to follow include a new 1.0-litre Matiz, an all-new 1.6-litre Nubira and a new 2.0-litre executive model, the Magnus.

The GM deal will see it taking over Daewoo’s key production plants in Korea and Vietnam, together with nine overseas sales operations. The new company will generate revenues of $5 billion and will employ in excess of 15,000 people.

May 2002