Malaysia's Proton Reunites with Ex-Ally Mitsubishi
Thu Feb 2, 2006 8:11 AM ET
KUALA LUMPUR (Reuters) - Malaysian carmaker Proton confirmed a new alliance with Japan's Mitsubishi Motors Corp (7211.T:
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The partnership with Mitsubishi, a former Proton shareholder that helped the state-controlled firm make its first cars two decades ago, will be restricted to technology and will not involve an equity stake, Proton's new chief executive said.
Earlier on Thursday, Mitsubishi said the alliance would be unveiled on Friday but it did not give details.
"Proton being small, I don't see any reason why it should not be collaborating. That's the journey that we like to go," Managing Director Syed Zainal Abidin Syed Tahir told reporters.
Proton, which reported its second straight quarterly loss in November, was unlikely to fully turn around within a year, Syed Zainal Abidin added. "
In the auto industry, a change is not going to happen in one week even a year," he said.
Proton shares tumbled in January when Volkswagen AG (VOWG.DE:
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Syed Zainal Abidin said Proton also sought alliances with carmakers from China and India, two vast markets which he said the company could not ignore.
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quoted from reuters.com
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http://today.reuters.com/news/newsArticleSearch.aspx?storyID=174359+02-Feb-2006+RTRS&srch=proton+mitsubishi
good news for us..