chrysler news
I posted a story about Chrysler's new ad campaign yesterday, but it didn't take or something. In short, it's going to portray itself as the "underdog" of American carmakers after DCX breaks up. Let's see if this story works.
Chrysler, Germany's Getrag Plan Transmission Plant (Update1)
c.2007 Bloomberg News
(Adds plant announcements in fifth paragraph.)
By Jeff Bennett
June 14 (Bloomberg) - DaimlerChrysler AG's Chrysler, partnering with Germany's Getrag GmbH, said it will build a new transmission plant in Indiana as part of a plan to return to profit.
Details on the factory's cost and location within Indiana's Tipton County will be released June 18, Auburn Hills, Michigan- based Chrysler said today in a statement. Cerberus Capital Management LP takes an 80.1 percent stake in the company next month as DaimlerChrysler splits up after nine years.
The new plant is the fourth announced by Chrysler under a February plan to improve competitiveness by making new, more fuel-efficient transmissions, axles and engines. The fourth- largest U.S. automaker posted a $680 million loss last year.
Closely held Getrag, based in Ludwigsburg, has experience designing so-called dual-clutch transmissions, which improve fuel economy. Chrysler's U.S.-based competitors, General Motors Corp. and Ford Motor Co., jointly developed a new fuel-efficient six-speed transmission.
Chrysler has said it plans to build new engine plants in Trenton, Michigan, and Saltillo, Mexico. It is also building an axle plant in Marysville, Michigan.
Yesterday, the automaker said it will invest $450 million to upgrade its Kenosha, Wisconsin, plant. That's in addition to a new paint shop planned for its Sterling Heights assembly plant and upgrades to its Warren truck factory, both in Michigan.
Chrysler already has three transmission plants and a casting facility in Kokomo, Indiana, which is in Howard County.
U.S. shares of DaimlerChrysler rose 79 cents to $90.37 at 11:28 a.m. in New York Stock Exchange composite trading.
-With reporting by Bill Koenig in Southfield, Michigan. Editor: Dufner
To contact the reporter on this story: Jeff Bennett in Southfield, Michigan, at +1-248-827-2960 or jbennett17bloomberg.net
To contact the editor responsible for this story: Dave Versical at +1-248-827-2944 or dversicalbloomberg.net
-0- Jun/14/2007 15:54 GMT