daimler chrysler windsor assembly plant
KEY TAKEOVER ISSUE
A Chrysler LLC assembly plant in Brampton, Ont., and its 3,800 jobs are as the crow flies in the line of fire for a permanent shutdown if the No. 3 Detroit auto maker is charmed over by General Motors Corp.
"One could signify fairly intelligently that there's a lot of duplication with what Chrysler builds in Brampton and what GM builds as a fellowship," Ken Lewenza, president of the Canadian Auto Workers congruity, said yesterday.
That duplication is comprehensible on the west and east sides of Toronto. Chrysler workers in Brampton, northwest of Toronto, began turning out the Avoid Challenger muscle car earlier this year. About an hour east, GM's Oshawa, Ont., assembly plant begins erection the Chevrolet Camaro muscle car ahead of time next year to go head-to-head against the Challenger.
"You don't basic Challenger and Camaro, but neither side wants to give them up," said one dynamism source. "In two or three years, one of them has to go."
GM has abandoned the minivan hawk, so Mr. Lewenza is less fearful about the future of Chrysler's minivan plant in Windsor, Ont., although he distinguished the market for those vehicles is starting to soften.
His comments came as the two auto makers continued their talks about a cartel that would reshape the U.S. auto industry, but promising eliminate tens of thousands of jobs across North America.
One inception familiar with the discussions said Chrysler's old lady, Cerberus Capital Partners LP, is also in discussions with Renault-Nissan about a parcel out.
The question the two companies, industry observers, and in accomplishment, all of Detroit, are seeking to answer is whether the affiliation of two unhealthy auto makers will in the end create one healthy one.
The key appears to be GM getting access to the $11.7-billion (U.S.) in liquidate that Chrysler said it had on its books as of June 30, addition financing from banks that hold Chrysler liability and are afraid the smaller company will go into court screen under Chapter 11 of the U.S. Bankruptcy Standards.
As of that same date, GM was burning $1-billion in money a month, but that was before the U.S. market went even deeper into the tank in September and October as the trust crisis helped vaporize U.S. auto sales.
"While a GM-Chrysler tie-up would unquestionably be a high-risk transaction from an operational angle, such a transaction may give GM leverage over two key stakeholders: the UAW and the banks," Himanshu Patel, JPMorgan auto analyst in New York, said in a note to clients yesterday.
GM needs to renegotiate many of the clauses in the important 2007 contract it reached with the Cooperative Auto Workers, Mr. Patel wrote, although he said he will inventory judgment on the potential deal until more details are made accessible.
Other analysts said a deal between Chrysler and GM makes mean sense.
"It makes more sense for someone from face of North America to walk in, take it over and purified it up, use the dealer network to sell some of their vehicles, some of Chrysler's vehicles," said one analyst acquainted with with the companies.
Mr. Lewenza noted, however, that the nuptials of Daimler-Benz AG and Chrysler Corp. that created DaimlerChrysler AG, did not toil out well, despite being touted as a win-win when those companies went to the altar in 1998. They divorced last year.
"If I had a preferred consumer, I'd rather have a preferred buyer that has less duplication of issue," he said.
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