DaimlerChrys to Cut 13,000 Jobs

[USA#1]

Chrysler to cut 13,000 jobs

[Only registered and activated users can see links]
Troubled unit of DaimlerChrysler expects to cut 11,000 factory workers, 2,000 salaried jobs, close one assemby line after losses there soar.

By Chris Isidore, CNNMoney.com senior writer
February 14 2007: 9:04 AM EST


NEW YORK (CNNMoney.com) -- Automaker Chrysler Group announced plans Wednesday to cut 13,000 jobs through 2009 as it attempts to stem rising losses.

The company cuts represent 16 percent of the staff at the North American unit of DaimlerChrysler ([Only registered and activated users can see links]) (Charts ([Only registered and activated users can see links])), as it cuts 9,000 U.S. factory workers, another 2,000 factory workers in Canada over the next three years.
[Only registered and activated users can see links] Chrysler assembly line in Newark, Del., which the company announced Wednesday it intends to close by 2009.

In addition, 2,000 salaried staff cuts will be spread over the next two years.
The company also said it will close the SUV Assembly line in Newark, Del., by 2009, after eliminating one of its two shifts later this year. It also plans to eliminate a shift at the Warren, Mich., truck plant later this year and a shift at the St. Louis South assembly plant in 2008.
Earlier in the day, the company announced that Chrysler's full-year loss was $1.48 billion. In the prior year, as competitors General Motors ([Only registered and activated users can see links]) (Charts ([Only registered and activated users can see links])) and Ford Motor ([Only registered and activated users can see links]) (Charts ([Only registered and activated users can see links])) struggled with losses from their auto operations, Chrysler Group posted a $2.02 billion profit for 2005.

Chrysler was hurt by declining sales, particularly in its pickup trucks and SUVs, as the company lost its long-held position as the No. 3 U.S. automaker to fall behind Toyota Motor ([Only registered and activated users can see links]) (Charts ([Only registered and activated users can see links])) during the year. Honda Motor ([Only registered and activated users can see links]) (Charts ([Only registered and activated users can see links])) also made gains at the expense of the traditional Big Three Detroit automakers.
Revenue at Chrysler Group fell to $62.2 billion for 2006 from $66.1 billion a year earlier, as the number of vehicles sold also fell 5 percent to 2.7 million.
Still, even with the loss at Chrysler, parent DaimlerChrysler ([Only registered and activated users can see links]) (Charts ([Only registered and activated users can see links])) posted 2006 operating income of €5.52 billion in 2006, or $7.28 billion, up from €5.19 billion, or $6.84 billion, in 2005. The company saw substantial earnings improvement at the Mercedes Car Group as well as further earnings gains at its truck group and financial services unit.
Net income for the company after a series of special charges came to €3.2 billion, or $4.3 billion, up from €2.8 billion, or $3.8 billion a year earlier. Based on the reported net income, earnings per share amounted to €3.16, or $4.17 a share, up from €2.80 a share, or $3.70, in 2005.

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We need a Smilie of a blue collar worker being crushed by a Fat Cat

:bs: We're creating jobs at a record slow pace --- ALA the Bush Administration.

[Mod5]

Toyota and Honda. Hellooo, Fat Cats... getting the picture yet?

[USA#1]

WOW -

Just saw a Video on The Fan "Comcast's Video - Collage"

Chrysler employees called it the "Valentine's Day Massacre."

They are also calling it the "Detroit Disease." Over 105,000 Jobs lost from Chevrolet, Ford and Chrysler in the last year.

---------

BushCo we have a Strong Economy --- Hey Labor Secretary Chao ... Say Chao !!!

[BlueBerry Pick'n]

WOW -

Just saw a Video on The Fan "Comcast's Video - Collage"

Chrysler employees called it the "Valentine's Day Massacre."

They are also calling it the "Detroit Disease." Over 105,000 Jobs lost from Chevrolet, Ford and Chrysler in the last year.
---------
BushCo we have a Strong Economy --- Hey Labor Secretary Chao ... Say Chao !!!

The French know how to cut their losses... too bad Bush can't take a hint...

hell, Canadians can't even get Bu$h to convince arms or manufacturers' empty factories to making better armour ([Only registered and activated users can see links]) or weapons...

makes ya wonder where Rosie the Rivetter went... eh? whaddya think the Bu$heviks REALLY want or think they need?

[Only registered and activated users can see links] [Only registered and activated users can see links] [Only registered and activated users can see links] [Only registered and activated users can see links]

[USA#1]

I'm going to have to check out that web site.

[101Scout]

WOW -


Chrysler employees called it the "Valentine's Day Massacre."

They are also calling it the "Detroit Disease." Over 105,000 Jobs lost from Chevrolet, Ford and Chrysler in the last year.

---------

BushCo we have a Strong Economy --- Hey Labor Secretary Chao ... Say Chao !!!

I saw that yesterday myself..... man o man... when's the Repuking base ever gonna wake up to EVERYTHING??!!!

With all that's hurting our own ppl and our economy.... we still take on more (illegal) immigrants... more outsourcing ..... more inflation..... less jobs..... less assistance..... and the Repukes still rattle on tv how this economy is still booming. Yeah... the booming I see is the kind that leaves nothing but homecourt destruction in it's wake!

GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

[teech]

DETROIT - General Motors may be considering buying rival Chrysler, an auto industry publication reported yesterday.


The speculation sent shares of DaimlerChrysler up more than 4%, and came just days after the German company said it could sell off its troubled Chrysler Group.

GM and Chrysler officials would not comment on the report by Automotive News, which attributed the story to sources in Germany and the U.S. whom it did not identify.

Spokesmen for both GM and Chrysler said they would not comment because so many rumors have surfaced since Wednesday, when DaimlerChrysler Chairman Dieter Zetsche said the automaker would not rule out possible sale of its U.S. operations, which it acquired in 1998.
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[USA#1]

Report: Chrysler shopped to private equity

Four buyout firms among those being contacted about possible bids for DaimlerChrysler unit, newspaper says.

February 23 2007: 7:41 AM EST


NEW YORK (CNNMoney.com) -- Four of the nation's largest private equity firms have been contacted about possibly buying Chrysler Group from DaimlerChrysler, according to a published report.
The Financial Times reported Friday that Apollo Management, Blackstone Group, the Carlyle Group and Cerebus Capital, as well as several European firms, have all been contacted about their potential interest in the troubled North American automaker.
[Only registered and activated users can see links] equity firms are reportedly being contacted about their possible interest in buying Chrysler, according to a published report.
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Video[Only registered and activated users can see links] video ([Only registered and activated users can see links])
[Only registered and activated users can see links]'s Stephanie Elam reports on the future of DaimlerChrysler and more. (February 19)Play video
(javascript:cnnVideo('play','/video/business/2007/02/19/minding.your.business.chrysler.cnn');)



On Feb. 14 DaimlerChrysler ([Only registered and activated users can see links]) (Charts ([Only registered and activated users can see links])) executives said they would look at all options for Chrysler, including a possible sale ([Only registered and activated users can see links]) or spinoff of the automaker that was acquired by Daimler-Benz in 1998. They also announced plans to cut 13,000 jobs and close plants to cut losses in North America.
Chrysler Group had an operating loss of $1.5 billion in 2006, even as the parent company reported a $7.3 billion operating profit.
For sale: A smaller Chrysler ([Only registered and activated users can see links])
There have been published reports that General Motors ([Only registered and activated users can see links]) (Charts ([Only registered and activated users can see links])) has held talks about possibly acquiring its troubled rival. But more analysts and industry experts have discounted that possibility, especially since GM is also struggling to stem its own operating losses on its core North American auto operations. Neither GM nor DaimlerChrysler executives have commented on the reports of those talks.
Friday, Reuters reported that a spokeswoman for Volkswagen said the German automaker has no interest in buying Chrysler.
Several other automakers, including the alliance between Nissan ([Only registered and activated users can see links]) (Charts ([Only registered and activated users can see links])) and Renault and Korean automaker Hyundai, said earlier this week that they are not interested in acquiring Chrysler.
What GM and Chrysler should be talking about ([Only registered and activated users can see links])
Investors also appeared to have discounted the likelihood ([Only registered and activated users can see links]) of GM or other major global automaker buying Chrysler, as they lifted DaimlerChrysler shares far more than they have punished GM shares.
Still, some analysts have suggested that the three brands that make up the Chrysler Group - Chrysler, Dodge and Jeep, along with their dealership network - still have enough value to attract a buyer, even if it's not by another struggling automaker. And those expecting a sale have generally pointed to private equity firms as the most likely potential buyer, although some have also suggested a growing Chinese automaker might also consider a bid as a way of jumping into the lucrative North American market.
Private equity firms have shown a willingness to invest in troubled industrial companies. For example, Cerberus was one of the lead investors in a $3.4 billion investment ([Only registered and activated users can see links]) in bankrupt auto parts maker Delphi announced in December. It also acquired a 51 percent stake in GMAC, the finance arm of General Motors, last year.