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January 29, 2008 |
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CHRYSLER LLC: Invests US$27 Million in Toledo Machining Plant Tom LaSorda, Chrysler LLC Vice Chairman and President, disclosed that Chrysler would invest more than US$27 million in its Toledo Machining Plant in Ohio. The plans were revealed during a keynote speech at the Toledo Regional Chamber of Commerce's annual meeting. Toledo Machining, which currently builds torque converters and steering columns, will divide the investment into two separate parts of the plant: US$26.4 million will go toward the manufacturing of a redesigned torque converter for automatic transmissions and an additional US$1.5 million will be used for production of a new steering column. The torque converter investment will deliver improved fuel efficiency and refinement and retain 164 jobs. The steering column investment will retain 44 hourly jobs. "Chrysler's investments in the Toledo area are rooted in our faith that we can keep good-paying manufacturing jobs in America as long as government, our unions and our companies all pull together for the common good," Mr. LaSorda said. "We at Chrysler have a stake in Toledo being a vital city, and we're pleased at the ongoing progress." Overall, the Toledo Machining investment will enhance Chrysler's ability to offer the highest quality products and advanced technical expertise. "This is an important day for the future of the UAW and Chrysler, and in particular for the continued competitiveness of our team here in the State of Ohio," General Holiefield, UAW Vice President, who directs the union's Chrysler Department, said. "This investment is a significant step toward realizing our vision to see this company and our union grow this business and be competitive for the long run." "Chrysler is the largest manufacturing employer and one of the best corporate citizens in Wood County," Tom Blaha, Executive Director of the Wood County Economic Development Commission, said. "This investment is a testament to the hard working men and women at Toledo Machining." The Toledo Machining Plant is located in Perrysburg, Ohio. The plant covers 1.2 million square feet and employs 1,530. Employees at the plant are represented by UAW Local #1435. The plant builds steering columns and torque converters for vehicles across the Chrysler, Jeep(R), Dodge product line. Chrysler, a good neighbor and good citizen, sponsors various community events through its philanthropic arm, The Chrysler Foundation, including the Art Tatum Jazz Heritage Festival, Toledo Urban League, City's Youth Entrepreneur Program, Toledo Opera, the Toledo Museum of Art, Valentine Theatre and the Diamante Awards. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/ -- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. |
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