SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported) December 19, 2002
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GENERAL MOTORS CORPORATION
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(Exact name of registrant as specified in its charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
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ITEM 9. Forward Looking Information
On December 19, 2002, General Motors announced that it had entered into
agreements to sell its light armored vehicle business, headquartered in London,
Ontario, to General Dynamics Corporation for $1.1 billion. The transaction is
expected to close in the first quarter of 2003.
GM REACHES AGREEMENT WITH GENERAL DYNAMICS TO SELL GM DEFENSE
NEW YORK -- General Motors Corporation (NYSE: GM, GMH) has reached definitive
agreement with General Dynamics Corporation (NYSE: GD) for the sale of GM
Defense operations, its Light Armored Vehicle (LAV) business, for approximately
US $1.1 billion in cash. GM will retain its Military Trucks business, which is
located in Troy, Michigan.
The sale of GM Defense has been approved by the boards of directors of both
companies and is subject to regulatory review. The transaction is expected to
close in the first quarter of 2003.
"This transaction secures the best possible long-term future for the GM Defense
business and its employees, while contributing significantly to GM's cash and
liquidity objectives," said GM Chairman Jack Smith.
"I am very excited about the growth opportunities for GM Defense as part of a
leading global defense company like General Dynamics," said Bill Pettipas, GM
Defense Executive Director. "The ability to leverage General Dynamic's
market-leading technologies with our great vehicle platform can only take our
business to greater strength."
GM Defense, headquartered in London, Ontario, Canada, is a group of GM-owned
business units engaged in the design and production of LAVs and supporting
turret systems for military use. The group comprises research, design, and
manufacturing facilities in London, Ontario; Goleta, California; Adelaide,
Australia and Kreuzlingen, Switzerland, the birthplace for the Light Armored
Vehicle (LAV) technology used today by GM Defense around the world.
GM Defense employs approximately 2,400 people. As the leading worldwide producer
of LAVs, GM Defense has vehicles in service with the United States Marine Corps,
the Canadian Army, and with other military forces around the globe. The
operations' largest order - the U.S. Army's STRYKER Brigade Combat Team program
- is currently being supplied through an established joint venture with General
Dynamics Land Systems.
General Motors, the world's largest vehicle manufacturer, designs, builds and
markets cars and trucks worldwide, and has been the global automotive sales
leader since 1931. GM employs about 350,000 people globally. More information on
General Motors can be found at www.gm.com. More information about GM Defense can
be found at www.gm-defense.com.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately
54,000 people worldwide and anticipates 2002 revenues of approximately $14
billion. The company has leading market positions in land and amphibious combat
systems, mission-critical information systems and technologies, shipbuilding and
marine systems, and business aviation.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date December 19, 2002
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By
/s/Peter R. Bible
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(Peter R. Bible,
Chief Accounting Officer)
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