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In a so-called "merger of equals," or "marriage made in heaven," according to its then CEO and architect Jürgen E. Schrempp, [10] Daimler-Benz, and United States–based automobile manufacturer Chrysler Corporation, the smallest of the main three American automakers, merged in 1998 in an exchange of shares [11] and formed DaimlerChrysler AG.
Chrysler was founded by Walter Chrysler on June 6, 1925, [1] when the Maxwell Motor Company (est. 1904) was re-organized into the Chrysler Corporation. [2]Walter Chrysler had originally arrived at the ailing Maxwell-Chalmers company in the early 1920s, having been hired to take over and overhaul the company's troubled operations just after a similar rescue job at the Willys car company.
Under DaimlerChrysler, the company was named DaimlerChrysler Motors Company LLC, with its U.S. operations generally called "DCX". The Eagle brand was retired soon after Chrysler's merger with Daimler-Benz in 1998 [43] Jeep became a stand-alone division, and efforts were made to merge the Chrysler and Jeep brands as one sales unit. [44]
During his tenure, Daimler-Benz made the 80% acquisition of the Chrysler Corporation to become DaimlerChrysler. Schrempp called the merger a "match made in heaven". In addition to the acquisition of Chrysler, Schrempp pursued the acquisition of Mitsubishi Motors as part of his 'Three Pillars' strategy to expand the reach of Daimler-Benz into the major markets of the United States and Asia.
Flutes: Daimler's traditional radiator grille topped by now-vestigial cooling fins adopted by 1905. The Daimler Company Limited (/ ˈ d eɪ m l ər / DAYM-lər), before 1910 known as the Daimler Motor Company Limited, was an independent British motor vehicle manufacturer founded in London by H. J. Lawson in 1896, which set up its manufacturing base in Coventry.
Daimler-Motoren-Gesellschaft (abbreviated as DMG, also known as Daimler Motors Corporation) was a German engineering company and later automobile manufacturer, in operation from 1890 until 1926. Founded by Gottlieb Daimler (1834–1900) and Wilhelm Maybach (1846–1929), it was based first in Cannstatt (today Bad Cannstatt, a city district of ...
With Fiat's help, Chrysler products such as Ram pickups have become strong contenders -- and Chrysler's profits have helped carry Fiat. A full merger stands to benefit both. Photo credit: Chrysler ...
On June 10, 2009, Chrysler Group LLC emerged from a Chapter 11 reorganization bankruptcy and its stake was subsequently bought by the Italian automaker Fiat. [28] [29] On June 3, 2011, Fiat bought out the remaining US Treasury's stake in Chrysler for $500 million, increasing its ownership of the automaker to 53 percent. [30]