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GAZ Denies Plans to Buy Out Chrysler
GAZ Group of Russia has denied the intention to buy out the losing division of German-U.S. DaimlerChrysler AG, Chrysler Group, that was recently reported by foreign media.
”The information that appeared in the German Focus Magazine doesn’t correspond to reality. We don’t negotiate with Chrysler and have no intention to buy the Chrysler plant in the United States,” GAZ Group briefer Vladimir Torin said as quoted by ITAR-TASS.
On April 14, 2006, GAZ Group and DaimlerChrysler clinched a deal about the acquisition of production assets of Sterling Heights Automotive Plant, Michigan, the United States, which produces Chrysler Sebring and Dodge Stratus cars, and GAZ Group undertook to purchase the respective production licenses.
In line with the agreement, the Gorky automobile plant will arrange the Chrysler Sebring/Dodge Stratus production; the annual capacity of the facility is estimated at 65,000 cars.
Some equipment has reached Gorky already. This undertaking is expected to enable GAZ to produce and sell those models under its own brand starting from 2008.
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