GM Sheds Money Drain, Gains Cash With Sale of European Unit
DETROIT (AP) — GM on Monday sold its European Opel and Vauxhall brands to French carmaker PSA Group for roughly $2.33 billion, retreating from the world’s third-largest auto market after almost two decades of futile efforts to make money. The brands have lost $20 billion in the fiercely competitive region since last making a full-year profit in 1999.
PSA makes Peugeot and Citroen cars, and the addition of the Opel and Vauxhall brands will make it the second-largest automaker in Europe. Its stock rose 2.7 percent.
GM’s stock dipped 32 cents to $37.91.
Scientists Tweak Seat Cushion Material to Clean Oil Spills
NEW YORK (AP) – Federal researchers say they’ve created a new tool to clean up oil spills by tinkering with the foamy stuff found in seat cushions. The modified foam can quickly soak up oil floating on water and lurking below the surface, and then can be repeatedly wrung out and reused.