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U.S. markets recover from steep losses
ROYAL OAK, Mich., March 17 (UPI) -- Saab Cars North America Inc. said its U.S. headquarters would be in Royal Oak, Mich., next to its former owner and in a state known for its auto experts.
Saab said it would hire 60 employees initially and about 160 by 2014 to run the U.S. operations, including human resources, information technology, accounting and other administrative tasks, The Detroit News reported Wednesday.
Initially, salaries would average about $88,000, the News said.
"A job is a job and one job is better than no jobs," David Cole, chairman of the Center for Automotive Research said.
The Michigan Economic Growth Authority granted Saab, which General Motors Co. sold for $74 million in February to Spyker Cars NV, a $1.2 million tax break to locate in Michigan.
"There are great suppliers here, and the human resources here are second to none," said Mike Colleran, chief operating officer of Saab Cars North America.
The company expects a business with about $500 million in revenue per year.
Nearby is GM, which still owns $326 million in preferred Saab stock, the News said.
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