Word: chrysler
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...agreement doesn't require Fiat to sink any cash into the Chrysler. Nevertheless, the Italian industrial group would get the initial 35% stake along with access to Chrysler's assembly plants and its distribution network, which stretches across North America. The companies have long been considered a good "fit" because Chrysler's footprint in North America complements Fiat's strength in Europe and South America. (See the best cars from the 2009 Detroit Auto Show...
...Chrysler, in turn, will gain access to Fiat's latest products and technology, including Fiat's nifty little city car, the Fiat 500. The deal raised morale at Chrysler's headquarters and technical centers in Auburn Hills, which had been hit hard by layoffs since September. "I think everyone felt a lot better," said one senior Chrysler official...
...deal comes in the nick of time since rumblings about Chrysler's imminent collapse have been circulating among analysts and suppliers for weeks. In addition, there were doubts that Chrysler would be able to put together a credible viability plan by the end of March as required under the terms of the federal bridge loan. Without the next installment of the bridge loan, which will be distributed next month, there is a very good chance Chrysler could run out of cash...
With Fiat now in Chrysler's picture, though, there's more optimism than dread. Notes Sean McAlinden, vice president of research at the Center For Automotive Research in Ann Arbor: "The thing you have to remember about Chrysler is that it seems to have more lives than...
...become a tool for fighting the recession. Putting Fiat with Chrysler together is an excuse for letting tens of thousand of people go. The same would be true with a Pfizer deal to pick up Wyeth.These mergers do more to destroy the overall economy than they do to create new products and services which might help restart demand from customers and haul the economy out of its hole...