Nissan Executive Says Nissan Diesel Not For Sale
January 14, 2000
Nissan Diesel Motor Co., the financially troubled commercial truck division of Japanese auto-maker Nissan Motor Co. Ltd., will not be offered for sale until it gets its fiscal house in order, says Nissan's top executive.
"We are now working to establish a framework for Nissan Diesel. We are not talking about selling it for the moment," Carlos Ghosn, chief operating officer of Nissan Motor, disclosed at the North American International Auto Show in Detroit last week.
"We still have some homework to do with our partners of Renault and with the banks to try to give the company the possibility of continuing to do business," Ghosn said.
"Everything is possible after that," he said.
Ghosn indicated that Nissan hopes to outline a restructuring plan for the debt-riddled Nissan Diesel unit by the end of the month.
However, Ghosn disclosed to SNS Interactive that he would not turn away offers for Nissan Diesel.
"If somebody considers that [Nissan Diesel] has more strategic value than it has for Nissan or for Renault then we will consider it," the executive said. The Nissan head executive did not indicate whether any such offers existed.
As reported, French truck maker Renault S.A. purchased a 36.8 per cent share of Nissan Motor last year for a reported $5.70 billion.
Renault officials have indicated that the company's Renault Véhicules Industriels commercial truck-making unit would not offer financial assistance to Nissan Diesel until the Japanese truck producer reduces its heavy debt load.
Nissan has spurned a number of companies interested in the Nissan Diesel subsidiary in the past two years, including DaimlerChrysler.