DaimlerChrysler puts the boot into the US

DAIMLERCHRYSLER - the parent company of Mercedes-Benz - is reported to be planning to slash 20% of its US workforce in the next three years. This will mean around 25,000 jobs will be lost although the company will try to cover many of the cuts by early retirement plans. Chrysler is slightly hamstrung by agreements with unions which mean that plants cannot be closed. The company's American operations have been dragging down the financial results of the whole company, putting pressure on chief executive Jurgen Schrempp to resign.

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