GM sales chief says no plans to cut brands - WSJ

08 July 2008 21:59  [Source: ICIS news]

HOUSTON (ICIS news)--General Motors’ sales chief said the US auto maker does not plan to sell or close more of its brands, the Wall Street Journal said on Tuesday.

The newspaper cited a letter sent to US dealers in which GM sales chief Mark LaNeve said the automaker had no plans to eliminate any more brands from its portfolio. The letter was sent after the newspaper reported that GM was mulling such a move.

Automobiles are an important chemical end market, in that each has an average of $2,400 (€1,536) worth of chemistry, according to the American Chemistry Council (ACC).

Automobile parts include rubber hoses, plastic dashboards, catalysts, fibres, adhesives and coatings.

Each US manufactured light vehicle on average contains 338 lb (153 kg) of plastics and composites, accounting for 8.4% of the vehicle’s weight, according to the ACC.

GM shares on the New York Stock Exchange traded on Tuesday afternoon at $10.78, up 54 cents.

($1 = €0.64)

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By: Brian Ford
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