Detroit Diesel confirms interest in buying back stake from DaimlerChrysler
DETROIT (April 28) — Engine maker Detroit Diesel Corp. wants to remain independent and is interested in buying back DaimlerChrysler AG’s 20% share in the firm, chairman Roger Penske said today.
Penske said he was responding to statements in the press regarding the ownership of Detroit Diesel. Yesterday, DaimlerChrysler chairman Juergen Schrempp said his company was considering selling its stake or making an offer for control of the company. DaimlerChrysler is the corporate parent of Freightliner Corp., which builds vehicles under the Freightliner, Sterling, American LaFrance, and Thomas Built nameplates.
“We want to reiterate our intention to maintain an independent path in the marketplace, and to underscore that strategic direction, we have indicated to DaimlerChrysler our interest in the repurchase of their 20% interest in our company,” Penske said in a statement.
Detroit Diesel’s major shareholder is Penske Corp., a closely-held, diversified transportation services company whose operations include Penske Truck Leasing, Diesel Technology, Penske Automotive Group, Penske Auto Centers, Penske Motorsports, Inc., and Penske Capital Partners l.l.c. The companies have combined annual revenues exceeding $6 billion.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.