Chrysler Group broke ground recently at the future site of the Marysville Axle Plant its Marysville, Mich. Present at the ground breaking were Chrysler Group executives joined by UAW officials with state and local dignitaries to celebrate the $700 million Michigan investment.
The plant was considered a sign that the Chrysler Group is taking to reach its recovery and transformation plan which hopefully when realized will help the company to regain financial health by 2008. The axle plant is just one part of the Company’s “Powertrain Offensive” which is a $3 billion investment to produce more fuel-efficient engines, axles, and transmissions for the Chrysler Group.
Construction on the new plant will start this summer and will employ 900 people when it reaches full volume in 2010 and expected to produce 1. 2 million axles annually. Gary Orr, Mayor of Marysville, Mich. , said, “We came together as several separate entities to formulate the requirements necessary to attract Chrysler Group to a project site for their new axle plant. For that we are so very grateful. As a City Council, we are excited and as Mayor of record I am extremely proud, as an administrative team, we stand ready to support the successful future of this great automotive giant. “
The investment on the Marysville Axle Plant will in include engineering and development costs. It can be noted that the Auburn Hills-based Chrysler Group has already invested $4. 4 billion for its Southeast Michigan manufacturing operations since 2003.
About Chrysler Group
Soon to become Chrysler Holding LLC is an American automobile manufacturer that has been independently manufacturing automobiles way back in the year 1925.
Last May 14, 2007 DaimlerChrysler AG announced the sale of 80. 1 percent of Chrysler to an American equity firm, Cerberus Capital Management, L. P. Once the deal is completed Chrysler will then take on the name Chrysler Holding LLC.
Chrysler and its subsidiaries were part of the German based DaimlerChrysler AG. The merger was dubbed as a “Merger of Equals” with Daimler-Benz in 1998. Before the acquisition in 1998, Chrysler Corporation traded under the “C” symbol on the NYSE. Another popular term for all Chrysler cars is Mopar which is the name for its parts operation which includes the production of high quality Dodge Caravan parts.
