Chrysler

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October 2007
- Chrysler Workers Walk Out
  
  Detroit Free Press | Oct 10, 07 10:30 AM CDT
  
  (Newser) - United Auto Workers told its 49,000 Chrysler employees to walk off the job at 11 this morning after 24 hours of continuous negotiations failed to yield a contract. The action marks the second UAW strike against an automaker in 20 days. An expert estimated Chrysler will lose production on 3,000 vehicles per day; after 72 hours, that number could rise to 6,400 vehicles, the Detroit Free Press reports. More »
- Chrysler to Cut Non-Union Jobs
  
  Detroit Free Press | Oct 9, 07 2:27 PM CDT
  
  (Newser) - With Chrysler deep in talks on a new contact with the UAW—the clock is ticking on a strike deadline tomorrow morning—sources tell the Detroit Free Press that cuts to non-union employees are in the works. Loss of about 1,600 salaried and contract jobs is expected, on top of the 14,000 layoffs over the next 3 years announced as part of a restructuring in February. More »
- UAW Sets Chrysler Strike Deadline
  
  New York Times | Oct 8, 07 7:34 AM CDT
  
  (Newser) - The United Auto Workers turned up the heat on Chrysler over the weekend, threatening to strike if contract talks are not settled by Wednesday. The deadline may mean a deal is close and the UAW wants to push for a resolution of last issues, the Wall Street Journal reports. More »
- Auto Workers Face Off With Chrysler Next
  
  Bloomberg | Oct 6, 07 9:19 AM CDT
  
  (Newser) - The United Auto Workers have decided to sit down with Chrysler next, hoping to extend the terms of the contract negotiated with GM last month, Bloomberg reports. At Chrysler, the UAW will be dealing with a CEO who's been on the job just two months—Robert Nardelli, former chief of Home Depot—and new owners, private-equity firm Cerberus Capital Management, which bought the struggling company from DaimlerChrysler earlier this year. More »
September 2007
- Chrysler Pilfers Toyota's Top US Executive
  
  Detroit Free Press | Sep 6, 07 4:18 PM CDT
  
  (Newser) - Toyota North America's president will become the new co-president and vice chairman of Chrysler, the Detroit Free Press reports. Jim Press, the highest-ranking non-Japanese exec in Toyota's history, brings a reputation as a talented manager to Chrysler, which is in the process of transforming into a private company after being sold by Daimler. More »
August 2007
- Life Without Chrysler Suits Daimler Fine
  
  BusinessWeek | Aug 30, 07 4:31 PM CDT
  
  (Newser) - Rid of the Chrysler albatross since its May sale, German automaker DaimlerChrysler says its profits are taking off, Business Week reports. CEO Dieter Zetsche said yesterday the company—which aims to strip "Chrysler" from its name this fall—is likely to beat his estimates of 7% profit this year, and hit 10% by 2010, which would boost it past luxury rival BMW. More »
- Where is Stephen Feinberg Taking Chrysler?
  
  Portfolio | Aug 15, 07 1:38 PM CDT
  
  (Newser) - Portfolio does its best to profile Stephen Feinberg—the ultra-secretive, ultra-cutthroat CEO of Cerberus Capital Management—without talking to him. Feinberg avoids the media like the plague, preferring to bring faltering companies into the black in secret, and his shadowy plans for new stepchild Chrysler are no exception. More »
- In Nardelli, Chrysler Found Its Maverick
  
  Reuters | Aug 7, 07 4:30 AM CDT
  
  (Newser) - Former Home Depot chief Bob Nardelli has a reputation for being a brusque, hard-edged maverick, and that’s exactly what his new bosses at Chrysler want, Reuters reports. Cerberus Capital Management hopes to stem losses at the automaker by cutting costs, particularly in the delicate area of unionized workers. Nardelli’s gruff style may improve numbers—or it may wind up confounding labor negotiations. More »
- Ex Home Depot Chief Takes Chrysler Wheel
  
  Wall Street Journal | Aug 6, 07 9:03 AM CDT
  
  (Newser) - In a major shake up, Chrysler 's chief executive will be replaced by former Home Depot boss Bob Nardelli, the Wall Street Journal reports. An auto official called Nardelli a "real change agent" in an industry rocked by foreign competition. Nardelli is the second auto-industry neophyte to be named recently to head one of the "Big Three" car companies. More »
July 2007
- Banks Put Hold on Chrysler Debt Sale
  
  Wall Street Journal | Jul 26, 07 9:03 AM CDT
  
  (Newser) - Banks yesterday postponed the sale of $12 billion of debt intended to finance the deal that will split off Chrysler from parent DaimlerChrysler. The Journal reports that the holdup is part of a global pinch on the market for corporate debt, and escalating borrowing costs have the potential to slow down a host of high-profile buyouts. More »
- Chrysler Plunges Into China Trade
  
  MarketWatch | Jul 4, 07 12:29 PM CDT
  
  (Newser) - In a cost-cutting move, Chrysler will introduce cars produced by China's biggest automaker to the US market by late 2009. Chrysler and Chery staged a signing ceremony today in Beijing to allay fears about the American auto giant's new ownership not backing the deal, MarketWatch reports. The first vehicles will hit Latin American and Eastern European markets within a year. More »
May 2007
- Chrysler Sale Suggests New Deal for Detroit
  
  Wall Street Journal | May 15, 07 7:41 AM CDT
  
  (Newser) - The sale of Chrysler to private-equity firm Cerberus Capital Management could be a watershed for the entire industry, the Wall Street Journal predicts. Cerberus thinks it can make the embattled carmaker profitable by restructuring its debilitating $18-billion health care and pension liability. If it succeeds without resorting to bankruptcy—which the airlines have found necessary—GM and Ford will surely follow. More »
- "Vulture Fund" Behind Chrysler Deal
  
  Der Spiegel | May 14, 07 10:49 PM CDT
  
  (Newser) - Der Spiegel vivisects Cerberus, the private equity group that won Chrysler for a relative bargain today from German auto giant Daimler. Financier Stephen Feinberg's 15-year-old firm has $60 billion in assets, and specializes in companies on the brink of bankruptcy. The group avoids the spotlight, recruits former CEOs and politicians, including John Snow and Dan Quayle, and flips its holdings expeditiously. More »
- Daimler to Unload Chrysler in $7.4B Deal
  
  Associated Press | May 14, 07 7:34 AM CDT
  
  (Newser) - DaimlerChrysler has sold a majority stake in the Chrysler Group to the American private-equity firm Cerberus for $7.4 billion, the auto giant announced today. The deal unhooks the money-losing American arm of the international conglomerate from its German partner, which will retain a 19.9% stake in Chrysler and change its name to Daimler AG as soon as this fall. More »
- Cerberus Close to Consuming Chrysler
  
  Reuters | May 13, 07 10:10 PM CDT
  
  (Newser) - Private equity firm Cerberus Capital Management is said to have cut a deal to buy Chrysler from DaimlerChrysler. Cerberus has lots of experience in negotiating for assets in the auto industry, having led the buyout of auto parts maker Delphi, which has not yet closed and may yet fall apart. More »
- Russian Billionaire's Plans May Hold Up Chrysler Purchase
  
  Wall Street Journal | May 11, 07 12:37 PM CDT
  
  (Newser) - A Russian billionaire with possible mob ties plans to buy a major stake in the company that aims to purchase Chrysler. If aluminum magnate Oleg Deripaska does buy the $1.54 billion stake in Magna International, the cash will come in handy for the Chrysler deal. But Oleg's shady past may raise flags for regulators, the Wall Street Journal reports. More »
April 2007
- Kerkorian Offers $4.5 Billion For Chrysler
  
  Detroit Free Press | Apr 5, 07 4:18 PM CDT
  
  (Newser) - Beverly Hills billionaire Kirk Kerkorian has offered to buy the Chrysler group for $4.5 billion. Kerkorian's investment company, Tracinda Corp., can pay cash for the ailing automotive giant, and is pitching an extra $100 mil for an exclusive two-month period to run due diligence. Tracinda told parent DaimlerChrysler it can work with both management and the UAW, which would have an equity stake. More »
- DaimlerChrysler Wants Divorce
  
  Detroit Free Press | Apr 4, 07 4:22 PM CDT
  
  (Newser) - DaimlerChrysler is trying to unload its clunky Detroit half, its CEO (and occasional company mascot) Dieter Zetsche confirmed at a shareholder's meeting today. The news, which comes after nearly two months of eager speculation, was a relief to frustrated German shareholders, who have long seen Chrysler as a drag on the Daimler-Benz brand. Now Chrysler just needs to find a suitor. More »