Archive for Thursday, September 29, 2005

DaimlerChrysler to cut 8,500 Mercedes jobs

September 29, 2005

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Automaker DaimlerChrysler AG said Wednesday it would cut 8,500 jobs in Germany at its Mercedes Car Group in a bid to return the troubled brand to profitability.

The company said the cuts would come through voluntary termination agreements over the next year and result in charges of $1.11 billion.

DaimlerChrysler, the world's fifth-largest car maker, said the charges would be posted in the fourth quarter and wouldn't be expected to hamper the company's outlook. The automaker had said previously that it expected to beat last year's operating profit of $7 billion.

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