General Motors of Canada today announced that it would acquire 100% ownership of CAMI Automotive Incorporated through a transaction to buy shares currently owned by long-time 50% partner Suzuki Motor Corporation.
GM previously ended a link with Suzuki in Asia during November 2008.
No financial details of the latest transaction were released, and it should have no effect on potential customers.
Last June, GM abandoned its pioneering joint venture, NUMMI, with Toyota Motor Corporation in Fremont, California. Toyota has since decided to close the plant located in its largest U.S. market.
GM’s latest move is in keeping with employment agreements with the federal and provincial Canadian governments that were part of the taxpayer financing agreements necessary to bring GM out of bankruptcy in July.