Chrysler Commencing Corporate Clearance
Chrysler is about to follow Ford and GM's lead and perform an asset-selling cash grab. According to The Wall Street Journal, Chrysler would "like" to sell its Mopar unit, which makes high-performance and specialty parts, and Chrysler Transport, which manages supply deliveries to their plants. To that end, Chrysler's brought up the possibility in its current contract talks with the United Auto Workers (UAW). Needless to say, the UAW opposes the move, as it would involve the loss of some 1300
dues paying members jobs. The union can bitch all they want but "Boot'em Bob" Nardellli has already stated his new employer's firm intention to "monetize some assets." That's equity fund speak for "strip and flip." Is anyone– including the UAW– really that surprised?