DaimlerChrysler Announces Profit-Sharing Payments for Chrysler Group Employees

Chrysler Group Employees in the U.S. Will Receive an Average Payment of $650

AUBURN HILLS, Mich., Feb. 16 -- DaimlerChrysler today announced profit-sharing payments for employees of the Chrysler Group. Chrysler Group's 59,000 eligible United Auto Workers-represented bargaining unit employees in the United States will receive profit-sharing payments averaging $650. Profit sharing payments will be paid on March 3.

According to Chrysler Group President and Chief Executive Officer Tom LaSorda, the Chrysler Group profit-sharing payments reflect both a successful year and ongoing challenges.

"Today's Chrysler Group profit-sharing announcement recognizes the hard work of our employees and our progress toward our 2007 objectives," said LaSorda. "However, our profit-sharing pool was significantly reduced by a number of factors, the biggest being a dramatic increase in retiree pension and health care expenses and U.S. vehicle financing."

For UAW-represented employees, profit-sharing awards are a provision of the collective bargaining agreement and determined by a formula based on an adjusted profit-based pool.