Daimler sells Chrysler - Page 2 - Mercedes-Benz Forum

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post #11 of 14 (permalink) Old 05-14-2007, 12:11 PM
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Don't know how true it is, but I'm told that $1,500 of the cost of every car goes to health benefits for the workers.
I'm not concerned that they get the bennys, that part is OK, the concern is why are the bennys so damned expensive? There has to be some way to control the costs somehow.

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post #12 of 14 (permalink) Old 05-14-2007, 12:12 PM Thread Starter
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Does this then officially mean that the Chrysler operations have been privatized? No more public trading, etc?
Not until the deal is finalized. And that could be a while... Many things can go wrong in the interim, but I think this is a very good deal for all concerned and hope it works out. A PE company is a very different breed than a publicly-traded company and they might be able to do some good for Chrysler and even the UAW--if they don't insist on committing suicide.

Cerberus Capital Management, L.P., in New York, is a very different animal than Daimler or Chrysler and is one of the largest private investment firms in the world, with approximately $23.5 billion under management in funds and accounts. Founded in 1992, Cerberus currently has significant investments in more than 50 companies that, in aggregate, generate more than $60 billion in annual revenues worldwide. There is a huge amount of liquidity/cash around and Private Equity company's are becoming major players in financial circles world-wide. This is new breed and a new time for business-unusual.

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post #13 of 14 (permalink) Old 05-14-2007, 12:19 PM Thread Starter
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Don't know how true it is, but I'm told that $1,500 of the cost of every car goes to health benefits for the workers.
I'm not concerned that they get the bennys, that part is OK, the concern is why are the bennys so damned expensive? There has to be some way to control the costs somehow.
I think PE companies will begin to get better control of labor costs. But I think you are wrong to say that $1,500 of the cost of every car goes to the workers. From what I read much of that goes to the UAW directly and indirectly, and that has to change if Chrysler is ever to succeed. I just heard that the head of the UAW is saying that the sale "...will have no effect on labor negotiations." I'm wondering what that actually means...

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post #14 of 14 (permalink) Old 05-14-2007, 12:23 PM
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Jürgen E. Schrempp was CEO and resigned from his position at the end of 2005. In an agreement with the board of directors and Schrempp, he terminated his employment with the company early (his contract ran through 2008). Schrempp has been blamed for the fall of the company's share price since Daimler-Benz's merger with Chrysler Corporation in 1998 of which he was the architect.
I had snoozed that cruicial fact, and stand corrected.
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