(Bloomberg) -- General Motors Co. agreed to repurchase a French powertrain plant near the eastern city of Strasbourg, it said in an e-mailed statement Monday.
The factory, which employs about 1,100 people, manufactures six-speed automatic transmissions for GM and BMW AG cars. Financial details weren’t disclosed.
The Strasbourg factory is under Motors Liquidation Co., the entity charged with selling off GM's unwanted assets to reduce its debts. After emerging from bankruptcy in the summer of 2009, GM opted to buy back the plant. On July 16, it offered to repurchase the plant for a symbolic one euro (about $1.28) on the condition that costs would be reduced by 10 percent.