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CEO Schrempp: Nissan Would Have Distracted DaimlerChrysler

19 March 1999

CEO Schrempp: Nissan Would Have Distracted DaimlerChrysler

    NEW YORK--March 18, 1999--DaimlerChrysler co-Chairman Jurgen Schrempp pledged to cut costs in the new company by $1.4 billion in 1999.
    Distracting management talent to help fix Nissan would have risked that effort. The deal "would have overextended our resources," Schrempp acknowledges in an interview with Business Week. DaimlerChrysler people are already "working to the limits." Asia is still a big question for the company. It still needs a partner to be a serious player in the region, but Schrempp says he's no longer interested in an acquisition. Instead, it will launch new autos through its Mercedes-Benz infrastructure. And it may renew talks on joint truck projects but no equity stake -- with Nissan Diesel.