Chrysler’s Belvidere crew officially employed by Fiat
Jun 23, 2009 @ 12:02 AM
The 44-year-old Chrysler assembly plant is officially part of Italian-based carmaker Fiat SpA.
The Boone County recorder’s office recorded a sale June 12 of the 280 acres at 3000 W. Chrysler Drive in Belvidere from Chrysler LLC to New CarCo Acquisition LLC for $45.4 million.
New CarCo is a Delaware limited liability company formed by Fiat to acquire Chrysler’s tangible assets from Cerberus Capital Management LP, a New York-based private-equity firm that bought an 80 percent stake in the automaker in 2007.
The 3.7 million-square-foot plant has been closed since May 1, when Chrysler shut down production after entering Chapter 11 bankruptcy protection. According to a report by The Wall Street Journal, the new company created from the bankruptcy and owned by Fiat, the United Auto Workers and the U.S. and Canadian governments, Chrysler Group LLC, plans to reopen the plant July 27.
When it reopens, one shift of 1,700 people will be called back. As recently as March 2008, 3,500 people were employed on three shifts. The company eliminated the third shift in March 2008 and cut the second shift, and 992 jobs, during the bankruptcy shutdown.
LINK:
Chrysler’s Belvidere crew officially employed by Fiat - - BusinessRockford.com
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