The New Chrysler Moves Forward as Independent Company
03/08/2007 19:34
PR Newswire
AUBURN HILLS, Michigan and STUTTGART, Germany, August 3 /PRNewswire/ --
Chrysler announced that the sale of the majority interest in the Chrysler
Group to an affiliate of Cerberus Capital Management, L.P. was completed
today, creating Chrysler LLC, or "The New Chrysler" -- the first major North
American automotive manufacturer in more than a half century to be privately
owned.
On May 14, 2007, DaimlerChrysler AG announced that an affiliate of
Cerberus would acquire an 80.1 percent equity interest in the holding company
of what is now legally known as Chrysler LLC. DaimlerChrysler AG, which will
be renamed "Daimler AG" pending shareholder approval in the fall, will retain
the remaining 19.9 percent interest. As previously stated, joint projects
between the two companies will continue.
First Day Activities
The New Chrysler will celebrate its "First Day" on Monday, August 6, at
its Auburn Hills, Michigan world headquarters building and its facilities
around the world. The company will continue to roll out the launch of The New
Chrysler throughout the year. The Pentastar logo will also return as the
company's corporate mark in an updated form, and will be unveiled Monday.
About Chrysler
Chrysler LLC, headquartered in Auburn Hills, Michigan, produces Chrysler,
Jeep(R), Dodge and Mopar(R) brand vehicles and products. Total sales
worldwide in 2006 were 2.7 million vehicles. Sales outside of North America
were the highest in a decade with an increase of 15 percent over 2005. On the
heels of the company's record product launch year (Chrysler launched 10
all-new vehicles in 2006), the company plans to extend that streak with eight
all-new products in 2007. Its product lineup features some of the world's
most recognizable vehicles, including the Chrysler 300, Jeep Commander and
Dodge Charger. The Chrysler Foundation, the company's philanthropic arm, gave
US$23.6 million in grants in 2006.
About Cerberus
Established in 1992, Cerberus Capital Management, L.P. is one of the
world's leading private investment firms with approximately US$25 billion
under management in funds and accounts. Through its team of more than 275
investment and operations professionals, Cerberus specializes in providing
both financial resources and operational expertise to help transform
undervalued companies into industry leaders for long-term success and value
creation. Cerberus is headquartered in New York City, with affiliate and/or
advisory offices in Atlanta, Chicago, Los Angeles, London, Baarn, Frankfurt,
Tokyo, Osaka and Taipei. More information on Cerberus can be found at
http://www.cerberuscapital.com.
Web site: http://www.cerberuscapital.com
Mike Aberlich, +1-248-512-2704, cell +1-248-635-7072, mfa@dcx.com, or Shawn Morgan, +1-248-512-2692, cell +1-248-760-2621, sm718@dcx.com, both of Chrysler Group; or Peter Duda, +1-212-445-8213, or JJ Rissi, +1-212-445-8224, both of Cerberus, or Cerberus Media Line, +1-212-891-1558. NOTE TO EDITORS: For information about 2007 labor negotiations, please visit http://cgmedia.daimlerchrysler.com or http://chryslerlabortalks07.com