Holden Factory Deal Dies – GM and Punch Corporation Confirm End Of Discussions

As if it was ever really on, the ‘pie in the sky’ proposal from Belgian tycoon Guido Dumarey and his company Punch Corporation to buy the Holden vehicle assembly plant in Adelaide from General Motors, and to continue production, is now officially off. 

The plan, which had both the Prime Minister Malcolm Turnbull and SA Premier Jay Weatherill giving voice to their support, would have seen Punch Corporation secure the facility (with the assistance of the Federal Government through the Automotive Transformation Scheme), to continue to produce a large rear-wheel-drive car for the Australian and near markets.

That plan has now been scotched in a joint announcement by both parties. 

Elizabeth