DaimlerChrysler Financial Becoming 2 Separate Companies

The corporate staffs supporting DaimlerChrysler Financial Services Americas' Mercedes-Benz Financial and Truck Financial business units will move to a new location. About 400 employees will move to a 4-story office building in Farmington Hills, MI. That will occur in the third quarter, after the transfer of assets of the firm's Chrysler Financial business unit to Cerberus Capital Management. Cerberus

The corporate staffs supporting DaimlerChrysler Financial Services Americas' Mercedes-Benz Financial and Truck Financial business units will move to a new location.

About 400 employees will move to a 4-story office building in Farmington Hills, MI.

That will occur in the third quarter, after the transfer of assets of the firm's Chrysler Financial business unit to Cerberus Capital Management. Cerberus is buying Chrysler from Daimler.

The transfer of Chrysler Financial's assets will result in the creation of two separate financial services companies that previously existed as one company.

About 800 employees of Chrysler Financial will remain in the company's present Farmington Hills location. Chrysler Financial will continue to operate its eight business centers in major markets across the U.S., as well as four customer service locations.

Mercedes-Benz Financial will continue to operate its business centers in New Jersey and California and customer contact and remarketing operations in Dallas.

The Truck Financial business unit will maintain its executive offices and sales, operations and customer service activities in suburban Chicago.

The transfer of assets from Chrysler Financial to Cerberus is creating the need for more jobs in the financial services industry, says Klaus Entenmann, president and CEO of DaimlerChrysler Financial Services Americas.

He says that will help the economy of southeast Michigan. It has been ailing of late because of job cutbacks by domestic auto makers.

“This move, a few miles away from our present headquarters, reinforces our commitment to metro Detroit and keeps our headquarters for the entire Americas region right here in Michigan,“ says Entenmann.

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