September 21, 2002 |
AUTOMOBILES * DaimlerChrysler is paying more than $1.1 billion for stakes in commercial vehicle businesses being spun off by Japan's Mitsubishi Motors Corp. and South Korea's Hyundai Motor Co., a move intended to strengthen the German American auto maker's position in the growing Asian market. DaimlerChrysler said it will buy a 43% stake of the Mitsubishi spinoff, to be called Mitsubishi Fuso Truck and Bus Corp., for about $750 million.
September 17, 2003 |
DaimlerChrysler may close or sell as many as seven factories that make parts for Chrysler cars as it tries to narrow losses, people familiar with the plans said. Chrysler, based in Auburn Hills, Mich., may keep plants if they become more efficient, said the people, who declined to be identified. The closures are part of a four-year agreement with the United Auto Workers reached Monday. From Bloomberg News
September 5, 2000 |
DaimlerChrysler said it's renegotiating terms of an investment in Mitsubishi Motors Co. to obtain greater control of Japan's No. 3 auto maker, whose reputation and shares have been hurt by a recall scandal. DaimlerChrysler said the talks have been "fruitful" and a new agreement could be reached soon. The Stuttgart, Germany-based company wants to raise its stake to 40%, altering a July plan to buy 34% for almost $2 billion, said NHK television news, without citing sources.
November 28, 2000 |
DaimlerChrysler's troubles over its U.S. subsidiary deepened Monday as Kirk Kerkorian, the company's third-largest shareholder, filed a $9-billion securities fraud suit against the German auto maker and its top managers, accusing them of lying about their intent in acquiring Chrysler Corp. in 1998. The suit by Kerkorian's Los Angeles-based Tracinda Corp., filed Monday in U.S.
January 23, 2001 |
Billionaire financier Kirk Kerkorian, DaimlerChrysler's third-largest stockholder, has cut his stake in the auto maker by nearly a third, just weeks before the company reveals a far-reaching revival plan. The sale of about 10 million shares this month does not hurt Kerkorian's $8-billion lawsuit against the company, said his lawyer, Terry Christensen. Kerkorian, who had attempted to take over the former Chrysler Corp.
June 4, 1999 |
Aiming to prevent some of the thousands of child fatalities and injuries caused each year by car accidents, DaimlerChrysler moved Thursday to become the first auto maker to provide free fittings and inspections of child safety seats at its dealerships. Government studies have shown that 4 out of 5 children in safety seats are incorrectly restrained. Incorrect restraint weakens significantly the protection the devices can offer in automobile crashes.
August 5, 2000 |
Germany's DaimlerChrysler has agreed to sell its struggling rail systems unit, Adtranz, to Montreal-based Bombardier Inc. in a $725-million cash deal that would propel the Canadian plane and train maker into the top tier of the passenger rail equipment industry, the companies said. The price of the deal is expected to be cut by a sale of Adtranz's fixed installations and signaling business, Bombardier said.
February 22, 2001 |
DaimlerChrysler is reportedly gearing up for radical changes that include massive layoffs at Mitsubishi Motors Corp., a management shuffle and increased parts-sharing between Mercedes-Benz and Chrysler. Under a plan to be unveiled Monday, the troubled auto maker is expected to cut 8,000 of Mitsubishi's 65,000 employees worldwide and close two of the firm's passenger car plants, German business weekly Wirtschaftswoche reported. It didn't identify its sources.
August 5, 1999 |
DaimlerChrysler is planning to shrink its management board to 10 to 13 members from 17, a top executive of the auto maker said. "We have said all along that we want to go to a somewhat smaller management board," Gary Valade, DaimlerChrysler executive vice president of procurement, told reporters at an industry seminar. He said the reduction would be done between now and the third year of the new company, which was created in November from the merger of Germany's Daimler-Benz and U.S.