Suharto jolts local firms with national-car plan

Article Abstract:

Indonesian Pres. Suharto announced that PT Timor Putra National, a new automobile company headed by his son, Hutomo Mandala Putra, and Kia Motors Corp. will develop a new national automobile. The planned national car will be a cheaper version of a Kia sedan which will be called the Timor. Many consumer groups lauded the plan but numerous foreign and local manufacturers criticized it. Critics argued that the project will significantly increase Indonesia's short term trade deficit because the new company and its partner will be exempted from luxury taxes and import duties.

Sedans, Product development, Kia Motors Corp., PT Timor Putra Nasional

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GM seeks to expand in Asia: buying auto makers may boost market share

Article Abstract:

General Motors Corp (GM) plans to enter the Asian auto market by considering to purchase existing companies in the region. GM's Asian-Pacific operations president Rudolph A. Schlais believes that the economic crisis raging Asia provides the right timing for the company to invest due to low prices. GM is currently moving to open a joint venture factory with Shanghai Automotive Industrial Corp worth $1.5 bil in Shanghai, China.

Asset sales & divestitures, Marketing procedures, Automobiles, Asia, Marketing/Advertising Methods, Planning, General Motors Corp., GM

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Group led by Suharto's son concludes controversial deal to buy textile maker

Article Abstract:

A consortium headed by Indonesian Pres. Suharto's son, Bambang Trihatmodjo, has successfully acquired textile maker Kanindo Group. The agreement grants 90% of Kanindo's shares to the consortium and 10% to cooperatives to be named by the Cooperatives Ministry. The consortium established a company called PT Apac Century Corp., which is 70% owned by Bambang, for the takeover.

TEXTILE MILL PRODUCTS, All Other Textile Product Mills, Apparel Textiles, Mergers, acquisitions and divestments, Clothing, Textile industry, Textiles, Kanindo Group

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