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Carmakers: DaimlerChrysler
(CNN) -- DaimlerChrysler, the world's third-largest carmaker by sales behind General Motors and Ford, was formed in 1998 when Daimler of Germany bought Chrysler of the U.S. in a $37 billion deal. The acquisition of Chrysler proved to be a major headache for Daimler Chief Executive Juergen Schrempp, who engineered the deal. An economic slowdown, poor car line-up and stiff price competition pushed the group into a loss in 2001. Daimler sent its executives into Chrysler with the aim of turning the group around. That move led to 26,000 job cuts and the closure of plants. But the harsh medicine has begun to work. Passenger car brands include Mercedes-Benz, Chrysler, Jeep, Dodge and smart car. DaimlerChrysler also owns truck maker Freightliner, 10 percent of Hyundai Motor and 37 percent of Mitsubishi Motors. Web site: www.daimlerchrysler.com Chief Executive Officer: Juergen Schrempp
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