Word: benzing
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...kind of cute, actually, how they came to be an item: following some small talk last year over a possible joint venture in Latin America or maybe Asia, Juergen Schrempp, 53, chairman of doughty Daimler-Benz, invited Chrysler chief Robert Eaton, 58, to spend some quiet time alone during the crowded Detroit Auto Show in January. Schrempp said he liked Chrysler a lot and suggested that maybe they should consider going...
...secret rendezvous (London, Frankfurt) and code name (Operation Gamma) that lovers and business executives are wont to employ. The result, the largest industrial marriage in history, takes what had been the world's No. 6 car company, Chrysler, and stuffs it into the trunk of erstwhile No. 15 Daimler-Benz, to produce the planet's fifth biggest automobile concern. The new combine, valued at $40 billion, will generate $130 billion in sales and employ more than 400,000 people...
...Daimler-Benz, on the other hand, is considered conservative even by the Germans--an aristocrat in a double-breasted suit, haughtily dismissive of anyone who suggests cutting corners on quality for anything so ephemeral as profit. Says German car-magazine editor Wolfgang Konig: "Perfectionism is at home at Daimler. I get the feeling sometimes it was invented there...
...firms, Daimler has been content with profit margins of 2% or less (VW gets 1.2%), vs. Chrysler's 6.5% margin last year. One look at the numbers reveals volumes about the culture gap: last year Chrysler earned $2.8 billion producing 2.88 million vehicles with 121,000 workers, while Daimler-Benz earned $1.78 billion making 1.13 million vehicles on a payroll of 300,000. "Such a difference can lead to real conflicts in investments," warns one German auto executive...
...problem, says Hirsch; his business was profitable three months after it opened its electronic doors. You do the math: IVG serves up roughly 8,000 peep-show minutes a day at $5.95 a minute, a weekly take of roughly $300,000. Hirsch just bought a big red Mercedes-Benz. Also a five-bedroom house...