DaimlerChrysler AG will sell 80.1 percent of its money-losing Chrysler Group to private equity firm Cerberus Capital Management LP for $7.4 billion.
DaimlerChrysler AG’s Chrysler Group plans to build two new plants in Michigan and upgrade three others.
It said that Chrysler would keep its heavy obligations for pensions and health care costs, a key issue complicating DaimlerChrysler’s effort to sell the division.
Isn’t it time we made plans for a new industrial/technology park at the Chrylsler site? It is clear the plant will be closed and probably sooner than the previously announced.
A very meager $50 million seed fund from the $5 billion plus Delaware Pension Fund would go a long way to jump starting the transition.
