Published:
Chrysler Closing St. Louis Plant, Denies Bankruptcy Rumors, an Industrial Info News Alert
Researched by Industrial Info Resources
(Sugar Land, Texas) -- Chrysler will close its St. Louis South plant, which
currently assembles minivans, on October 31, 2008. The St. Louis North
plant, which assembles pickup trucks, will not come away unscathed and will
cut a shift from September 2, 2008, leaving only a single shift in
operation. Although denying rumors of impending bankruptcy, Chrysler has
decided to exercise a $2 billion line of credit from their parent company,
Cerberus Capital Management LP (New York, New York), and Daimler AG
(Germany) (NYSE:DAI), their former owner. The automaker is banking on
strong sales of its newly revamped Ram pickup truck, hoping that the
changes they have initiated will make the vehicle more attractive than the
flagship trucks of its competitors, the Chevrolet Silverado manufactured by
General Motors Corporation (Detroit, MI) (NYSE:GM) and the F-150
manufactured by Ford Motor Corporation (Dearborn, MI) (NYSE:F).
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