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Chrysler Sold:
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I wish Magna would have won as well.
that being the case, I'm glad they are mostly done with daimler. Their egos never allowed for the synergies to be exploited.
My guess is the 20% they are hanging onto will in part involve the financial arm which they stripped away from chrysler (and is profitable).
The union appears to have given its blessing which tells me they are interested in building cars not selling them off. Looking at Chryslers increased sales abroad and in Canada, with some work they will get back to where they need to be.
that being the case, I'm glad they are mostly done with daimler. Their egos never allowed for the synergies to be exploited.
My guess is the 20% they are hanging onto will in part involve the financial arm which they stripped away from chrysler (and is profitable).
The union appears to have given its blessing which tells me they are interested in building cars not selling them off. Looking at Chryslers increased sales abroad and in Canada, with some work they will get back to where they need to be.
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360 Posts
Well it sounds like the UAW is happy but the CAW is Not happy:ACX said:
"Hargrove worried
Reacting to the news, Canadian Auto Workers union (CAW) President Buzz Hargrove said Monday that the deal was troubling.
"They own over 80 per cent, which means they own and control the company and they own and control the jobs of our members and that is very, very worrisome for our members, our families and the communities where our plants are at as well," Hargrove told CTV Newsnet.
"It is the first time the private equity groups, in a big way, have come into the manufacturing of vehicles in North America and no one knows what that all means."
Hargrove said the CAW would have preferred a company with a proven track record.
"We would've preferred someone who was in the industry that has a strong track record of job growth and growing the business," he said.
"Magna would have fitted that category but we weren't saying Magna only... we were saying anyone that shows that they're committed to strengthening the job security of members and their families."
He said Chrysler and Cerberus were going to brief CAW leadership on Tuesday.
The CAW represents about 10,000 Chrysler employees."
"In the U.S., United Auto Workers (UAW) president Ron Gettelfinger, who has publicly opposed the sale, said it was the best option under the circumstances.
"The transaction with Cerberus is in the best interests of our UAW members, the Chrysler Group and Daimler," Gettelfinger said in a statement posted on the union's Web site.
The UAW represents about 50,000 Chrysler hourly workers."
:!:
We ned to remember that a significant portion of the daimler supervisory board are labour members, so in order for this sale to have passed, there needed to be assurances that they would not split the company up and sell it off - giving some sense of labour safety.
I know hargrove is worried - but may ay they are due for a come uppance with negotiations. We'll see this fall I guess.
Chrysler will want the same concessions that GM and Ford got on healthcare already. The union once balked at that saying they weren't in bad enough shape. That tells a story there.
With the impending reductions and some new products I see Chrysler as very viable. They will need to see concessions on labour at which point in theory life should go on.
I know hargrove is worried - but may ay they are due for a come uppance with negotiations. We'll see this fall I guess.
Chrysler will want the same concessions that GM and Ford got on healthcare already. The union once balked at that saying they weren't in bad enough shape. That tells a story there.
With the impending reductions and some new products I see Chrysler as very viable. They will need to see concessions on labour at which point in theory life should go on.
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Yeah, that is WAY too bad. I was sure hoping Magna would get it, and not some lame brain private equity group that stuffs their employees into cubicles and has no idea about how to build cars. However, I also think that while labor unions are a necessary evil, they can be curtailed. I was really interested in the employee buyout plan. That, to me, would have been the optimum, then tell the union to stuff it up their tailpipe.
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As long as Daimler is no longer sucking the life blood out of Chrysler vehicles I am sure who ever bought Chrysler would do better. I got my fill of german ideas when I bought a rotten junk diesel Jeep Liberty! Dr. Z's dumb idea. The V. M. Motori diesel engines have been a constant problem fo many who have had them. :evil:
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