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GM will spend $9 billion in capital outlays this year.

May 25, 1985

General Motors Chairman Roger B. Smith told shareholders at the auto maker's annual meeting that 1985's expenditures represent a 50% increase over last year. Smith also said that the $9 billion doesn't include any money GM might spend to acquire other companies. GM is considered a prime contender in the bidding for Hughes Aircraft, which market analysts believe could fetch $5 billion. The planned capital spending includes about $1.5 billion in Europe, where GM is trying to stem its losses. However, Smith, during a news conference following the meeting, gave no other details of the spending except to say that it would go mostly for plants and products and would include capitalization of the new Saturn Corp. subsidiary.

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