GM pushes to reopen 10 key plants

Article Abstract:

General Motors plans to reopen as many as 10 key assembly facilities in August 1998 if it finds outside sources for required motor vehicle parts affected by an ongoing walkout at its Metal Center and Delphi East parts complex in Flint, MI. GM is opting for resuming a limited production of trucks, sport utilities and cars. The strike has caused the shutdown of 26 of GM's 29 assembly factories as well as the termination of 163,000 workers costing $1.18 billion. Only three factories in Ramos Arizpe, Mexico; Spring Hill, TN; and Oshawa, Ontario, have remained open due to a parts shortage.

Comment:

Plans to reopen as many as 10 key assembly facilities in August 1998 if it finds outside sources for parts

Facilities & equipment, Michigan, General Motors Corp.

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Chrysler's new lease on life

Article Abstract:

Chrysler terminated its independence with the outset of its consolidation with German Daimler-Benz to create DaimlerChrysler. The $42-billion merger resulted in the start of trading for the new company on Nov. 12, 1998, under the DCX symbol. Under the agreement, Chrysler shareholders will receive 0.623 shares of DaimlerChrysler, while the shareholders of the German firm will obtain just over one share. DaimlerChrysler also appointed 12 members of its temporary board as integration proceeds and later, 10 permanent board members will be joined by 10 employee representatives.

Comment:

Terminates independence with outset of consolidation with German Daimler-Benz to create DaimlerChrysler

Strategy & planning

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Eaton: Daimler-Chrysler deal not at risk

Article Abstract:

Chrysler CEO Robert Eaton said the proposed $39-billion merger with Daimler-Benz is not at risk despite recent drops in the stocks of both firms. The recent decrease in the stocks reduced the value of the agreement by an estimated $5 billion, raising concerns that shareholders would reject the deal if stocks fall further. Chrysler and Daimler shareholders are to take a vote on the proposed deal in September 1998. Daimler-Benz CEO Juergen Schrempp supported the announcement of his counterpart, saying the decline in stock would not affect the merger.

Comment:

Its $39-bil merger with Chrysler is not at risk despite recent drops in stocks of both firms, says Chrysler CEO Robert Eaton

Acquisitions & mergers, Germany, Daimler-Benz AG

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