Hailey Kerr is a Business Administration graduate. She is currently part of a business consulting firm in Massachusetts. Hailey loves to write and enjoys doing her favorite hobby during her free time - cooking French cuisines.
German carmaker Bavarian Motor Works (BMW) said on Thursday that it has transferred its 50 percent stake in Brazilian engine joint venture Tritec Motors Limitada to DaimlerChrysler's Chrysler Group division.
As for the deal, which requires regulatory approval, BMW gave no financial details.
In a statement, the car maker said that Chrysler Group has assumed the responsibility for exploring long-term options for the Tritec operations. Thus, all possible alternatives for continuing the business for the long run are under analysis and assessment. The sale may include one of the facilities to a third party.
Tritec, established in 1997, produces 1.4- and 1.6-litre four-cylinder petrol engines for BMW's Mini brand and some Chrysler models. In January 2000, its large-scale production began. The statement said that the plant's annual production capacity is nearly 250,000 units.
A BMW spokesman said that the company would replace the motors with those made through its engine alliance with French carmaker PSA.
About BMW
Along with its automotive concerns, the BMW Group is composed of the development, production and marketing of automobiles, and motorcycles. It is also into financial services.
The BMW Group is the sole car maker in the world to pursue a purely premium strategy for all market sectors covered by its brands, from exclusive smaller cars to top-of-the-range luxury limousines. Its car brands include BMW, MINI and Rolls-Royce Motor Cars. The Group also manufactures quality BMW 318i parts.
As to motorcycles, BMW also uses “premium” as the key word. The Group’s strategy is to develop and build the best motorcycles, set standards in connection with technology, environmental protection and safety, and provide outstanding customer service in the pre- and after-sales phases.
The Group also perceives financial services as a key factor for success in today's mobile world. It provides financing and leasing, asset management, dealer financing and company car pools services.
Other business interests include insurance (Bavaria Wirtschaftsagentur GmbH), IT consulting and systems integration (Softlab GmbH).
About Chrysler Group
Chrysler is an American automobile manufacturer. It has independently been producing automobiles since 1925. Chrysler and its subsidiaries were part of the German based DaimlerChrysler AG from 1998 to 2007 after a burdensome deal known as a "Merger of Equals" with Daimler-Benz in 1998. Before 1998, Chrysler Corporation traded in the auto industry under the "C" symbol on the NYSE. Its U.S. operations are generally referred to today as the Chrysler Group. Mopar is another popular term for all Chrysler cars. It is actually the name for its parts operation.
In May 14, 2007 DaimlerChrysler AG announced the sale of 80.1 percent of Chrysler Group to Cerberus Capital Management L.P., an American equity firm. When the transaction is completed, Chrysler will take on the name Chrysler Holding LLC.
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