UK Government to help BMW maintain factory

Article Abstract:

U.K. Prime Minister Tony Blair announced in the House of Commons that the government would be giving an aid package to Bayerische MotorenWerke AG (BMW) to overhaul their Rover factory in Longbridge. BMW was considering moving the factory, the U.K.'s largest automobile factory, to Hungary if the U.K. offered no incentive to stay. BMW's shares are getting downgraded by Deutsche Bank AG and Goldman Sachs, and the Rover unit saw losses rise from 260 million marks in 1997 to 1.87 billion marks in 1998. The new sedan to be made in the modernized plant is seen as crucial to the fate of Rover.

United Kingdom, Receipt of funds, Expanded capacity, plant expansion, Finance, Automobile industry, BMW AG, Incentives (Business)

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DaimlerChrysler will revamp management board, report says

Article Abstract:

Juergen Schremmp, the co-chairman of DaimlerChrysler AG, is planning to reduce the company's management board. The move is designed to accelerate the integration of what were formerly Daimler-Benz AG and Chrysler Corp. Mr. Schremmp is planning to downsize some positions on DaimlerChrysler's board by the end of 1999. New executives will then be appointed as the heads of each of the five groups that make up DaimlerChrysler.

Comment:

Co-Chmn Juergen Schremmp to reduce company's management board

Germany, Management dynamics, Management, Planning, Transportation equipment industry, Daimler AG, Schremmp, Juergen

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