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DaimlerChrysler Putting Chrysler Unit Up for Sale
Posted: Tue Feb 20, 2007 8:11 pm
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DaimlerChrysler Putting Chrysler Unit Up for Sale
DaimlerChrysler AG said last Wednesday that it was reviewing all business options for its money-losing Chrysler group subsidiary, including, presumably, selling the company.
General Motors Corp. was among those in the running to buy the ailing automaker, Automotive News reported Friday
Also on Wednesday, Chrysler announced that it would lay off up to 13,000 employees, close production at two facilities and cut production at two others as part of a Recovery and Transformation Plan to restore profitability by 2009.
The cutbacks will include 11,000 hourly and 2,000 salaried employees in the United States and Canada, or about 16% of the current workforce. The layoffs will take place through 2009.
The plan will not be enough to keep DaimlerChrysler from considering other moves for the subsidiary, according to Dieter Zetsche, DaimlerChrysler chairman of the board.
“We are looking into further strategic options with partners. . . In this regard, we do not exclude any option in order to find the best solution for both the Chrysler Group and DaimlerChrysler,” Zetsche said in a release.
Chrysler’s recovery plan, announced by Tom LaSorda, president and chief executive officer, includes a greater focus on smaller vehicles, expansion of the commercial business and a $3 billion investment in standardizing engines, transmissions and axles across platform lines. L&MT
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