Word: chrysler
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Dates: during 1970-1979
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...Chrysler will collect $230 million in immediate cash, and $200 million in Peugeot stock that it could put up as collateral to get loans. Also, Peugeot will assume responsibility for $400 million owed to creditors by Chrysler's European units. Dumping that debt should improve Chrysler's credit rating, and thus its ability to borrow...
...late 1950s and early 1960s Chrysler Corp., like many another U.S. company, transformed itself into a multinational: it built or bought plants from Turkey to Australia so that it could compete worldwide with GM and Ford. But in recent years the foreign operations have brought Chrysler more pain than profit, so now the financially beset smallest member of the U.S. Big Three seems well on its way to turning itself into something much rarer: an ex-multinational...
Last week Chrysler announced that it would sell its automotive subsidiaries in Britain, France and Spain to France's Peugeot-Citroën for $430 million in cash and Peugeot stock. If the deal is approved by the European governments involved-indeed, Britain may torpedo it -Peugeot would become the biggest auto manufacturer in Europe and fourth largest in the world, with sales right behind those of Chrysler itself. Chrysler would get out of the European market completely, except for its 15% share in Peugeot, thus shedding 70% of its foreign production and about a fourth of its worldwide...
...letter to shareholders, Chairman John Riccardo and President Eugene Cafiero spoke of a need to concentrate the company's resources in North America. The point could be put more bluntly: Chrysler is so strapped for cash to spend at home that it can no longer afford aspirations to global power. Its share of the U.S. market has dropped to 12.8% this year, from 16.2% in 1970, and it must spend $7.5 billion over the next five years to expand and modernize its U.S. plants. It has no hope of financing those expenditures out of depreciation and retained profits...
...sale to Peugeot will do nothing to reduce this year's losses-a fact that Wall Street was quick to appreciate. Although Chrysler's stock jumped after the announcement, it quickly fell back, closing the week at 12.5. But experts applauded the decision. Said Arvid Jouppi, a top Detroit analyst: "Chrysler's strategy is to become strong domestically and abandon the world market. I would rather have 15% of a strong company like Peugeot than overseas assets that were too heavy to bear...