Auburn Hills, Mich./Stuttgart, Germany, Aug 3, 2007 - 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.
|Statement Regarding Transaction of The New Chrysler
| Auburn Hills, Mich., Aug 3, 2007 -
The New Chrysler today issued the following statement from Tom LaSorda, President and CEO, regarding the closing of a transaction for the company: “With the transaction complete, we can now focus all of our efforts on our day-to-day business by moving faster, quickly reacting to customer needs and bringing out industry-leading products,” said LaSorda. “We have support from two solid partners – Cerberus and Daimler – which will give us the strong financial backing and the resources we need to fuel the long-term success of this great company,”
About The New Chrysler
The New Chrysler, headquartered in Auburn Hills, Michigan, produces Chrysler, Jeep®, Dodge and Mopar® 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 $23.6 million in grants in 2006. Chrysler is a unit of Cerberus Capital Management.
Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms with approximately $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.