BMW sells Brazilian motor venture stake to Chrysler
#1
07-14-2007, 08:50 PM
BMW sells Brazilian motor venture stake to Chrysler
BMW sells Brazilian motor venture stake to Chrysler
Thu Jul 12, 2007 7:17AM EDT
http://www.reuters.com/article/ousiv...EB477120070712
FRANKFURT (Reuters) - German carmaker BMW has transferred its 50 percent stake in Brazilian engine joint venture Tritec Motors Limitada to DaimlerChrysler's (DCXGn.DE: Quote, Profile, Research) Chrysler Group division, BMW said on Thursday.
It gave no financial details for the deal, which requires regulatory approval.
"Chrysler Group has assumed the responsibility for exploring long-term options for the Tritec operations whereby all possible alternatives for continuing the business for the long run are under analysis. This may include a sale of the facility to a third party," it said in a statement.
Founded in 1997, Tritec makes 1.4- and 1.6-litre four-cylinder petrol engines for BMW's Mini brand and some Chrysler models. Large-scale production started in January 2000. The plant's annual production capacity is around 250,000 units, a statement said.
A spokesman for BMW said the company would replace the motors with those built through its engine partnership with French carmaker PSA.
(Additional reporting by Jens Hack in Munich)
Thu Jul 12, 2007 7:17AM EDT
http://www.reuters.com/article/ousiv...EB477120070712
FRANKFURT (Reuters) - German carmaker BMW has transferred its 50 percent stake in Brazilian engine joint venture Tritec Motors Limitada to DaimlerChrysler's (DCXGn.DE: Quote, Profile, Research) Chrysler Group division, BMW said on Thursday.
It gave no financial details for the deal, which requires regulatory approval.
"Chrysler Group has assumed the responsibility for exploring long-term options for the Tritec operations whereby all possible alternatives for continuing the business for the long run are under analysis. This may include a sale of the facility to a third party," it said in a statement.
Founded in 1997, Tritec makes 1.4- and 1.6-litre four-cylinder petrol engines for BMW's Mini brand and some Chrysler models. Large-scale production started in January 2000. The plant's annual production capacity is around 250,000 units, a statement said.
A spokesman for BMW said the company would replace the motors with those built through its engine partnership with French carmaker PSA.
(Additional reporting by Jens Hack in Munich)