DaimlerChrysler Definitive Agreement to
Sell Chrysler Group to Cerberus Capital Management, L.P.
Comment of Tom LaSorda, President and
CEO, Chrysler Corporation:
“We are confident that this
transaction will create a standalone Chrysler that is
financially stronger, with a winning combination of
people, industry know-how, operational expertise and
spirit of innovation that will accelerate the company’s
recovery, and help us regain our position as a
competitive industry leader.
Cerberus is the right strategic
buyer for Chrysler, with a long-term commitment to
Chrysler’s growth and success.
They are committed to working
constructively with both union leadership and Chrysler’s
management team to help Chrysler realize its full potential.
There are no new job cuts planned in connection with this
transaction announced today.
As a private company, Chrysler will be
better positioned to focus on its long-term plan for recovery,
rather than just short-term results. It will allow Chrysler to
renew its focus on what has always made us special – our
passion, creativity and commitment to delivering exciting
Chrysler, Jeep and Dodge vehicles and quality Mopar parts to our
customers, along with unparalleled customer service.
With strong backing from Cerberus and a
continued relationship with Daimler, Chrysler must demonstrate
once and for all that we can win in this global marketplace. It
is ours to win. And Chrysler has it in its DNA to do just that.”