DaimlerChrsyler sale
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It's my pot and I'll stir it if I want to. If you're not careful, I'll stir your's as well!
Joined: Dec 2002
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From: Central Mexico.
DaimlerChrsyler sale
Wonder how many DTR'ers knew that Chrysler made aircraft engines? Chryler does appear to be restructuring in a big way. Wonder what the final outcome is going to be?
DaimlerChrysler sells aircraft engine unit
November 21, 2003
By AFP
Stuttgart - German-US auto giant DaimlerChrysler on Friday announced it has agreed to sell its aero engine maker MTU to the US private equity firm Kohlberg Kravis and Roberts.
Financial details were not immediately disclosed and a DaimlerChrysler spokesman was not available to comment.
But a report in the Friday edition of the Wall Street Journal Europe put the price at €1.2 billion in cash plus €250 million in the assumption of debt.
The deal still had to receive the necessary regulatory approval, but DaimlerChrysler said it expected the transaction to be completed by the end of December.
MTU is the leading maker of aero engines in Germany and makes engines for both civilian and military aircraft.
It has annual sales of €2.2 billion and a worldwide workforce of more than 8 300.
The possible sale of MTU to foreign investors has raised concerns within the German government because of MTU's defence-related activities. Germany wants to introduce legislation limiting foreign investment in defence companies to less than 25 percent to stop unwanted transfers of sensitive technology. - AFP
DaimlerChrysler sells aircraft engine unit
November 21, 2003
By AFP
Stuttgart - German-US auto giant DaimlerChrysler on Friday announced it has agreed to sell its aero engine maker MTU to the US private equity firm Kohlberg Kravis and Roberts.
Financial details were not immediately disclosed and a DaimlerChrysler spokesman was not available to comment.
But a report in the Friday edition of the Wall Street Journal Europe put the price at €1.2 billion in cash plus €250 million in the assumption of debt.
The deal still had to receive the necessary regulatory approval, but DaimlerChrysler said it expected the transaction to be completed by the end of December.
MTU is the leading maker of aero engines in Germany and makes engines for both civilian and military aircraft.
It has annual sales of €2.2 billion and a worldwide workforce of more than 8 300.
The possible sale of MTU to foreign investors has raised concerns within the German government because of MTU's defence-related activities. Germany wants to introduce legislation limiting foreign investment in defence companies to less than 25 percent to stop unwanted transfers of sensitive technology. - AFP
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