Word: chrysler
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Dates: during 1970-1979
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...William Miller turned down the company's initial aid proposal partly because its $1.2 billion request seemed extravagant and partly because he wanted the automaker to induce unions, suppliers and other parties to join in its recovery effort. One intriguing possibility involves the United Auto Workers' allowing Chrysler's pension fund to be used as a source of cash-perhaps in exchange for worker representation on the board of directors or for some other say in management...
...Although Chrysler is confident that Congress will approve guarantees in the $500 million-to-$700 million range, it may have trouble getting action before the legislators adjourn, probably in November, after which the company's petition might become an issue in the 1980 election campaign...
Last week Chrysler's voluble chairman, Lee Iacocca, took his corporate aid campaign on the road. In a session with TIME, Iacocca was characteristically outspoken. Excerpts...
...outlook. We are in a hell of a mess and that's nothing to be proud of. The people at Chrysler look great even if the balance sheet looks lousy. It all comes down to the marketplace. We have to go head-to-head with every car there, and the key is the 1 million front-wheel-drive cars that we'll have in 1981. They'll have the same interior dimensions, but they'll be shorter, lighter and get 7 m.p.g. more on average than the compacts and subcompacts that they will replace. We will...
...prospects for takeover or merger. In the real world auto market there will be associations, mergers and joint ventures by the hundreds. As for the rumor of a Chrysler-Volkswagen deal last summer, there was absolutely nothing to it. But if you ask me whether we are a prospect, the answer is yes. It would be a hell of an investment for someone. Sure, the balance sheet does not look good, but I am a great believer that if you buy a company, you buy its management and its future. And our management and our future products are Class...