DaimlerChrysler
From Wikipedia, the free encyclopedia
| DaimlerChrysler AG | |
 |
|
| Type | Public (FWB:DCX, NYSE: DCX, TYO: 7663 ) |
|---|---|
| Founded | 1998 |
| Headquarters |  Stuttgart, Baden-Württemberg, Germany &  Auburn Hills, Michigan, USA |
| Key people | Dieter Zetsche, Chairman. Head of the Mercedes Car Group |
| Industry | Auto & Truck Manufacturers |
| Products | Chrysler, Detroit Diesel, Dodge, Jeep, Maybach, Mercedes-Benz, Western Star, more |
| Revenue |  €149.78 billion |
| Employees | 382,724 (2005) |
| Website | www.daimlerchrysler.com |
DaimlerChrysler AG headquartered in Stuttgart, Baden-Württemberg, Germany and Auburn Hills, Michigan, USA, is a prominent automobile and truck manufacturer and financial services provider (through DaimlerChrysler Financial Services). The company also owns a major stake in aerospace group EADS.
DaimlerChrysler was formed in 1998 by the merger of Daimler-Benz (Germany) and the Chrysler Corporation (USA). The transaction was announced on May 7, and took place on November 12.
The company produces cars and trucks under the brands Chrysler, Dodge, Jeep, Mercedes-Benz, Smart, and Maybach, among others. The Chrysler Group (Chrysler, Jeep and Dodge) also provides its customers with parts and accessories marketed under the Mopar brand name.
Contents |
[edit] Controversy
In 2002, the merged company appeared to run two independent product lines, with few signs of corporate integration. In 2003, however, it was alleged by the Detroit News that the "merger of equals" was, in fact, a takeover. The allegation came forth as new products such as the Chrysler Crossfire (using extensive Mercedes parts) and the Dodge Sprinter/Freightliner Sprinter (a rebadged Mercedes-Benz Sprinter van) came to market. Cooperation between the Mercedes Car Group and the Chrysler Group is expected to become markedly closer under CEO Dieter Zetsche.
The $36 billion merger became the focal point of several lawsuits, including one filed by billionaire investor Kirk Kerkorian, and also a book (Taken for a Ride: How Daimler-Benz Drove Off With Chrysler, (2000) by Bill Vlasic and Bradley A. Stertz). One class action lawsuit was settled in August 2003 for $300 million. On April 7, 2005, U.S. District Judge Joseph Farnan Jr. presided over a bench trial in Wilmington, Delaware, and ruled in favor of DaimlerChrysler, rejecting Kerkorian's allegations.
[edit] Leadership
Dieter Zetsche, former President and CEO of the Chrysler Group and the Mercedes Car Group, became the chairman of DaimlerChrysler on January 1, 2006.
Chairman Jürgen E. Schrempp resigned from his position at the end of 2005 as head of the world's fifth largest auto manufacturer. In an agreement with the board of directors and Schrempp, he terminated his employment with the company early (his contract ran through 2008). Schrempp has been blamed for the fall of the company's share price since Daimler-Benz's merger with Chrysler Corporation in 1998 of which he was the architect.
Current members of the supervisory board of DaimlerChrysler are: Heinrich Flegel, Nate Gooden, Earl Graves, Thomas Klebe, Erich Klemm, Hilmar Kopper, Arnaud Lagardère, Jürgen Langer, Robert Lanigan, Helmut Lense, Peter Magowan, William Owens, Gerd Rheude, Udo Richter, Wolf Röder, Manfred Schneider, Stefan Schwaab, Bernhard Walter, Lynton Wilson, and Mark Wössner.
[edit] Ownership of Daimler Chrysler
The share register of DaimlerChrysler makes for interesting reading. The largest shareholder in DaimlerChrysler today is the Emirate of Kuwait, with 7.2%. Followed by Deutsche Bank, with just under 5%. The 3rd largest shareholder is the Emirate of Dubai, with just over 2% of DaimlerChrysler shares.[1]
Breaking the shareholdings by region:[2]
- 47.5% Germany
- 26.7% Other Europe
- 16.5% USA
- 9.3% Rest of the World
[edit] Brands
DaimlerChrysler sells automobiles under a number of marques worldwide:
- Mercedes Car Group
- Chrysler Group
- Commercial Vehicle Brands
They also sell other products under other brands:
- Engine Brands
- Detroit Diesel
- Hemi engine (see also Chrysler Hemi engine)
- Mopar
- MTU Friedrichshafen (sold to EQT in 2006)
- TV Channels
- DCTV (DaimlerChrysler Television)
- Financial Services
- DaimlerChrysler Financial Services, LLC
[edit] Holdings
DaimlerChrysler once held a large stake in the Japanese car company Mitsubishi Motors as well as the car operations of Korean manufacturer Hyundai. Its stake in Mitsubishi was as high as 37%, but because it did not participate in a new capital increase in April 2004, was reduced to 22%. The company sold the last of its Mitsubishi stock to Goldman Sachs in November 2005. DaimlerChrysler sold its MTU Friedrichshafen and Detroit Diesel off-road business to EQT in 2006.
DaimlerChrysler currently holds interests in the following companies:
- 30.2% EADS (European Aeronautic Defence and Space Company), a parent company of Airbus (as of March 2006) — DaimlerChrysler announced in April 2006 that it intends to sell 7.5% of EADS for "approximately €2.0 billion" [1]
- 85.0% Mitsubishi Fuso Truck and Bus Corporation of Japan.
- Freightliner, LLC
DaimlerChrysler sold its holdings in the following:
- 10.5% Hyundai Motor Company — Bought in 2000 and 2001 for US$572 million. Sold in August 2004 for US$900 million
- 37.1% Mitsubishi Motors of Japan (disposal of stake in mmC concluded on November 18, 2005)
[edit] Awards
DaimlerChrysler was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine.
DaimlerChrysler was awarded the Global Business Coalition for HIV/AIDS "Business Excellence" award in 2002 for its HIV/AIDS Workplace Programme in South Africa (http://www.hivaids.daimlerchrysler.co.za)
[edit] See also
- DaimlerChrysler Canada
- Global Engine Manufacturing Alliance
- EPA 2004 fuel economy report (DaimlerChrysler)
- Daimler Motoren Gesellschaft
- DaimlerChrysler Corp. v. Cuno, 547 U.S. ___ (2006), a U.S. Supreme Court case involving tax incentives granted to DaimlerChrysler to expand its Toledo, Ohio facilities
[edit] External links
- Official DaimlerChrysler site
- Official Chrysler Group site
- DaimlerChrysler Financial Services
- Taken for a Ride (BBC book excerpt)
- The largest Smart Car Club Online- SMARTZ
- DaimlerChrysler sued for $9bn (BBC)
- DaimlerChrysler settles investor lawsuit (Car & Driver)
- Discussion forum for DaimlerChrysler LX Platform (Charger, Magnum, 300)
- Ask Dr. Z
| Members and holdings of DaimlerChrysler : |
|---|
| Chrysler Group: Chrysler | Dodge | Jeep |
| Defunct Marques: Barreiros (1959-1978) | Commer (1905-1979) | DeSoto (1928-1961) | Eagle (1988-1998) | Fargo (1920-1972) | Hillman (1907-1976) | Humber (1898-1975) | Imperial (1955-1975, 1981-1983) | Karrier (1908-1977) | Plymouth (1928-2001) | Simca (1934-1977) | Sunbeam (1901-1976) | Singer (1905-1970) | Valiant (1960-1966) |
| Mercedes Car Group: Global Electric Motorcars (GEM) | Maybach | Mercedes-Benz | Mercedes-AMG | Smart |
| Commercial Vehicle Brands: Freightliner | Mercedes-Benz | Mitsubishi Fuso Truck and Bus | OriOn | Setra | Sterling Trucks | Thomas Built Buses | Western Star |
| Participations in: EADS (30.17%) | Mitsubishi Fuso Truck and Bus (85%) | Freightliner | McLaren Group (40%) |
|
|
 |
|---|---|
|
Adidas | Allianz | Altana | BASF | Bayer | BMW | Commerzbank | Continental | DaimlerChrysler | Deutsche Bank | Deutsche Börse | Deutsche Post | |
Categories: Companies listed on the Frankfurt Stock Exchange | Companies listed on the New York Stock Exchange | Companies listed on the Tokyo Stock Exchange | Companies of Germany | Companies based in Michigan | Motor vehicle manufacturers of Germany | Motor vehicle manufacturers of the United States | Bus manufacturers | DaimlerChrysler | Forbes 2000
