Word: daimler
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...scale and presence in both cars and trucks--and bought some absolute dogs. That included a near bankrupt household appliance company (AEG), a teetering airplanemaker (Fokker) and a 37% stake in Japan's inept Mitsubishi Motors. Those and other investments drained management's attention and the company's account; Daimler's share of Mitsubishi's 2002-04 losses totaled more than $1 billion. The company's biggest acquisition, the $36 billion purchase of Chrysler Corp. in 1998, remains deeply controversial. The market value of DaimlerChrysler, the combined firm, is about one-third less than when the merger was announced. "They...
...jobs and browbeat suppliers to lower costs, but he also introduced what he called "disciplined pizazz"--a program to bring a focus on efficiency to the company's business operations without sacrificing its character. The imperious Schrempp, by contrast, continued to lurch from crisis to crisis until the Daimler board showed him the exit, three years before his contract expired. DaimlerChrysler stock soared about 10% on the news. The change of leadership "dramatically alters investor perceptions," said Merrill's London-based auto analyst Stephen Reitman, who upgraded the stock to neutral...
...keep this development going. - By Ursula Sautter Next Year's Model The average working life of a car, statistics say, is 16 years. Jürgen Schrempp, head of DaimlerChrysler since 1995, didn't last quite that long. Schrempp is the architect of the controversial 1998 tie-up of Daimler-Benz and Chrysler, the biggest between two firms in industrial history. The merger, he expected, would combine the strengths of the powerful, complementary automotive firms and create a competitive, international corporation. Since then, he's been criticized for expanding at a time of dwindling demand and stiff competition. Last week...
...Aero Engines is a recent example. The Munich-based company, which builds and services civil and military aircraft engines, used to be a part of Daimler. But after that company merged most of its aircraft operations with a French rival in 2000, MTU was left behind, an orphan inside the huge automaker. To make matters worse, the market for air engines nose-dived after the terrorist attacks of Sept. 11, 2001. Daimler soon looked for a buyer. KKR stepped in and took MTU private in November 2003. Since then it has replaced several top managers, including the chief executive...
...Cordes, his point man on the 1998 merger with Chrysler, as CEO of Mercedes with clear orders to clean things up fast. And there was good news on other fronts. Schrempp said he expects the Smart division to break even in 2007 and that, despite the huge restructuring charge, Daimler's 2005 operating earnings will still top the j5.8 billion it earned in 2004. Some Daimler divisions have proven it's possible to turn the corner, as have other carmakers. Overall, conditions are tough, though. The industry is plagued by overcapacity and price wars. PriceWaterhouse- Coopers estimates that, despite growing...