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29.01.2001 – 14:06

Daimler AG

ots Ad hoc-Service: DaimlerChrysler AG Chrysler Group Announces Next Initiative in Turnaround Plan

Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement. -----------------------------------------------------

    Stuttgart/ Auburn Hills  (ots Ad hoc-Service) -      

    -    Workforce reduction of 26,000 - 20 percent - over next
          three years
    -    Large part of goal expected to be reached through
          retirement programs; achieved within the framework of
          existing union contracts
    -    Six manufacturing plants to be idled through 2002

    DaimlerChrysler AG is today announcing the next major part of its turnaround plan to regain competitiveness under difficult business circumstances for its U.S. division Chrysler Group.

    Over the course of the next three years, the Chrysler Group will reduce its workforce by approximately 20 percent. The reduction will be approximately the same percentage for both salaried and hourly employees. This will affect about 26,000 people - 19,000 hourly and 6,800 salaried (including 1800 supplemental employees) - through a combination of retirements, special programs, layoffs and attrition. It is expected that 75 percent of the overall reduction will be achieved in 2001. This is being done within the framework of existing union contracts.

    The complete Chrysler turnaround plan including its financial implications for DaimlerChrysler will be presented to the public at DaimlerChrysler's Annual Press Conference on February 26, 2001.

    A series of manufacturing actions will be necessary to attain the objectives, including reducing shifts and line speeds, as well as idling selected plants to adjust production capacity at Chrysler manufacturing operations around the world. At this point in time, the company plans to reduce excess capacity by idling six manufacturing facilities over the next two years. The Chrysler Group also will adjust component, stamping and powertrain volumes commensurate with the reductions in assembly capacities. In addition, all facilities have new targets to accelerate quality levels and productivity, so that the company can operate more efficiently and at a much improved cost structure over the mid to long term.

    About 23,700 hourly and 4,920 salaried employees in the U.S. and Canada are eligible for regular retirement or for one of the special programs. The number of layoffs necessary to meet the workforce reduction goals in the near term will depend on participation rates in these programs.

    These actions are a crucial part of the Chrysler Group's latest initiative in its turnaround plan, following a material cost reduction program that was put in place at the start of this year.

    End of Message ----------------------------------------------------- Internet:

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