IMPORTANT NEWS: National Electric Vehicle Sweden has agreed to buy the assets of Saab Automobile and the sale is expected to be finalized during the summer.

Monday, July 11, 2011

Saab reached deals with many suppliers

Updated with new info from Dutch suppliers

Today the Swedish Automobile stock has fallen over 15 percent due to fear in the market that Saab won't be able to restart production in August as planned. A fear that is understandable taking in account the recent problems and postponements in the restart. But this afternoon Reuters reports that Saab has reached deals with many suppliers who have held back parts until it pays its debts.

"We have reached agreement with a large part of our suppliers," Gunilla Gustavs of Saab told Reuters. But she stressed that that discussions with remaining suppliers continue.

The aim to restart production in August remains Gustavs said.

"We aim for Aug. 9 - it's an ambition, so that we can at least get everyone to work towards one date."

Dutch Automobiel Management reports that Saab's three Dutch suppliers have so far not reach agreements with Saab.

"As long as the outstanding bills are not paid, we do not supply. We're not blue eyed," said chief operating officer Jan Rietdijk of Nedschroef Helmond, a supplier of bolts and nuts.

Body parts supplier Voestalpine Polynorm has not delivered to Saab the latest months said CEO Peter Bernscher. "We still have some, but not unexpected, claims on Saab. Right now we are in discussions with Saab on how we can contribute to the restart of the production in August. Voestalpine Polynorm will do anything in its power to support Saab in this process."

Venrayse Inalfa, a producer of sunroofs, also said it would support Saab. But the Swedish company must meet its financial obligations, said CEO Marcel Schabos.

None of the three companies have large sums outstanding. "But the outstanding amount is worth a thorough discussion," said Jan Rietdijk. He hopes that the parties will come to an agreement: "We all benefit from a solution".