Daimler AG

ots Ad hoc-Service: DaimlerChrysler AG DaimlerChrysler AG and Mitsubishi Motors Corporation strengthen alliance: major restructuring of Mitsubishi Motors management

The sender is solely responsible for the contents of this announcement. ---------------------------------------------------------

    Tokio/Stuttgart (ots Ad hoc-Service) -      

    - DaimlerChrysler AG names Rolf Eckrodt as the new Chief Operating
Officer (COO) at Mitsubishi Motors Corporation
      - Takashi Sonobe will succeed President Katsuhiko Kawasoe on
November 1, 2000
    - Purchasing price for DaimlerChrysler AG's 34 percent stake
reduced by 10 percent
    Unlimited increase of DaimlerChrysler's equity stake after three
years possible

    Mitsubishi Motors Corporation and DaimlerChrysler AG held a top management meeting to discuss the next steps in their alliance. After constructive and fruitful discussions Mitsubishi Motors Corporation and DaimlerChrysler AG mutually agreed that DaimlerChrysler AG will increase its influence in Mitsubishi Motors Corporation. Changes have been agreed to the organization and management of Mitsubishi Motors that will ensure the recovery of the company' s reputation. This is reflected in the following agreement:

    1. The Mitsubishi Motors Corporation Management Board will be enlarged to 11 members, and will include the new position of Chief Operating Officer (COO). His responsibilities will include research and development, production/quality, procurement, marketing and sales. Mr Rolf Eckrodt, 58, currently head of DaimlerChrysler's rail systems subsidiary Adtranz, has been designated to fill this new position, after the transition of Adtranz to Bombardier. 2. President Katsuhiko Kawasoe, 63, will resign as President and Chief Executive Officer to become Non-Executive Board Member on November 1, 2000. His successor will be Mr. Takashi Sonobe, 59, who currently serves as Head of International Operations of Mitsubishi Motors Corporation. 3. The purchasing price for DaimlerChrysler AG's 34 percent stake in Mitsubishi Motors Corporation will be lowered by 10 percent from Yen 450 to Yen 405 per share, reducing the total price from US Dollar 2.1 (Euro 2.4) to US Dollar 1.9 (Euro 2.2) billion. The closing is expected in October 2000. 4. DaimlerChrysler AG is entitled to increase its stake in Mitsubishi Motors Corporation after a period of three years without limitation. 5. DaimlerChrysler will allocate additional know-how and management capacity to Mitsubishi Motors Corporation by dispatching highly experienced specialists and managers.

    Under this agreement DaimlerChrysler AG will continue not to consolidate Mitsubishi Motors Corporation in its balance sheet.

End ----------------------------------------------------- Internet: http://recherche.newsaktuell.de

Original-Content von: Daimler AG, übermittelt durch news aktuell

Weitere Meldungen: Daimler AG

Das könnte Sie auch interessieren: