On July 10, 2009, General Motors Company announced the beginning of its operations as the new GM, following the completion of its restructuring agreements with the U.S. Treasury and the governments of Canada and Ontario. The new GM is a separate and independent entity from General Motors Corp. (NYSE: GM), has a new corporate structure and is supported by a stronger balance sheet, due to a significantly lower debt burden and operating cost structure. It is now primarily owned by the governments of the United States and Canada, and by a trust fund providing medical benefits to United Auto Workers (UAW) retirees. Common stock is owned by
- U.S. Department of the Treasury: 60.8%
- UAW Retiree Medical Benefits Trust: 17.5%
- Canadian government: 11.7%
- the old GM: 10%
Although General Motors Company will not initially be publicly traded, the company has indicated that it expects to go public in 2010, upon payment of government loans.
Canada Development Investment Corporation is a Canadian federal Crown holding company created in 1982 as a commercial vehicle for government equity investment and to manage the commercial holdings of the government.
General Motors Company is one of the world's largest automakers. With its global headquarter in Detroit and its Canadian headquarters in Oshawa, Ontario, GM employs 235,000 people in every major region of the world. It manufactures vehicles and vehicle powertrains, and markets its vehicles and related services through approximately 700 dealerships and retailers across Canada.
Further information is found on GM's website.