The '61-'71 Dodge Sweptline Truck Forum #22

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Subject:		4 models cut, 1,000 workers and the Last Plymouth...
Name:		MoparNorm
Date Posted:		Oct 31, 07 - 11:24 AM
IP Address:		71.119.187.197
Email:		moparnorm@hotmail.com
Message:		From Allpar and the Detroit News; At their first meeting since the sale of Chrysler became final, the company’s board reportedly approved new job cuts and axed four vehicle lines at its meeting on Tuesday. The board also gave approval to factory shift reductions to reduce inventories and realign production with market demand. The personnel cuts are expected to include at least a thousand salaried workers and would be in addition to the two thousand jobs previously announced as part of the company’s turnaround plan. Chrysler management also wants to cut more contract employees and is considering additional reductions in its number of hourly manufacturing jobs. Eleven thousand manufacturing jobs are already on the chopping block. According to unconfirmed reports, the Chrysler board voted to drop the Chrysler Crossfire, Chrysler Pacifica, Chrysler PT Cruiser and Dodge Magnum. The Jeep Commander, which had been mentioned as an additional candidate for termination, was apparently spared. There was no word on when the lines would be discontinued. Confirmation of the board’s actions is expected later today. While specifics weren’t known in advance, analysts were expecting the board to take action to dramatically reduce costs. Tough times in the financial markets are putting pressure on Cerberus Capital Management and the new management team at Chrysler. Cerberus’ investment bankers had to assume about $10 billion in debt after the investment firm was unable to raise the cash in traditional markets. CEO Bob Nardelli has an extra incentive to make his numbers; he doesn’t get paid unless he does.

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