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General Motors : PURCHASER SELECTED FOR HOLDEN’S ADELAIDE SITE

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10/05/2017 | 07:15am CET

A purchaser for General Motors Holden's Elizabeth manufacturing site in Adelaide has been selected following a six-month Expression of Interest process - paving the way for the development of one of Australia's largest strategically positioned business hubs.

Holden proposes to retain a presence across a significant portion of the site with a spare parts operation; there is also interest from other major occupiers looking to secure commercial accommodation at Elizabeth.

'A preferred investor/developer from interstate has been identified for the property based on their long-term investment strategy. They have a good performance record and ability to deliver a high-quality outcome, with a willingness to work with local authorities and the community,' said Holden's Executive Director of Manufacturing, Richard Phillips.

'The site is to be transformed into a master-planned, innovative business park, providing employment opportunities for new and established industries such as resources, engineering, logistics, construction, defence, food & beverage and sales from both the local, national and international market. Renewable energies will be part of the masterplan,' Mr Phillips said.

Holden's long-term presence in Adelaide and the northern suburbs community will be recognised in master-planning for the site with a proposed heritage centre and hospitality venue.

Holden will undertake a decommissioning process that will extend to mid-2019.

Holden and the selected purchaser are now finalising contracts, after which the name of the purchaser and further details will be announced.

For media enquiries contact:

Megan Lloyd
Corporate Affairs Manager
GM Holden
Mob: +61 438 234 236

www.media.gm.com

GM - General Motors Company published this content on 05 October 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 October 2017 05:14:04 UTC.

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Sales 2017 146 B
EBIT 2017 12 295 M
Net income 2017 6 814 M
Finance 2017 5 643 M
Yield 2017 3,54%
P/E ratio 2017 10,96
P/E ratio 2018 7,44
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Capitalization 62 768 M
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Average target price 46,8 $
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Charles K. Stevens Chief Financial Officer & Executive Vice President
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Patricia Fiorello Russo Independent Director
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