'GM To Sell Diverse Assets'

GM To Sell Diverse Assets

By Auto Bots at 07/06/09 21:34

 

Because General Motors is now in the hands of new apointed executives, one of the things they have to worry about is making money for the company as well as find ways to lessen their expenses. It seems like the company leaders has found a way to accomplish this.

 

They come up with the idea of selling GM's other assets ranging from a former metal foundry in New York to its luxurious golf course New Jersey. By selling these diverse assets, they do not just make money for GM, they are at the same time reducing their future expenses.

The former metal foundry which used to make aluminum cylinder heads for the Corvair is a total headache for GM. Its toxic waste materials have been deposited to the nearby St. Lawrence River and cleaning the river deposits will cost GM a whopping $225 million. Selling the land will make them money and also prevent them from spending on cleanign up the river. The buyer will most likely be the one worry about the wastes.

The Hyatt Hills Golf Complex in Clark, New Jersey, will also be sold. The golf course which was built over n old factory is said to be worth hundreds of millions of dollars. If this one will be sold properly, it surely will make a good money deal for GM.

"The new GM hardly needs to be in the golf course business,” according to Tom Wilkinson, General Motor’s director of news relations, in an email he sent to Bloomberg. “The old GM will be selling a lot of potentially valuable but peripheral property the company accumulated over 100 years, kind of like a big garage sale. You will see some really good real estate deals come out of this for investors and communities.”

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