International car company DaimlerChrysler announced today it would cut 13,000 jobs in North America. It could part ways with the loss-making business.
It also plans to cut two Chrysler plants in an attempt to make Chrysler business profitable by 2008.
About 9,000 production jobs will be cut in the U.S., 2,000 production jobs in Canada, and 2,000 salaried jobs.
"It's hard to say if it's enough ... but the stock is reacting nicely, which is further verification that this is a favorable restructuring move and a much-needed one at Chrysler," said chief investment officer at Solaris Asset Management, Tim Ghriskey.
Following some speculation that the companies Daimler-Benz (Mercedes-Benz) and Chrysler, which merged together in 1998 to make DaimlerChrysler, would split, chairman Dieter Zetsche denied allegations.
"We do not exclude any option in order to find the best solution for both the Chrysler Group and DaimlerChrysler."
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