The $7.4 billion deal was announced in May.
Chrysler, which sells cars and trucks under the Chrysler, Dodge and Jeep brands, is undergoing a major restructuring after losing $680 million last year and $2 billion in the first quarter of this year.
It remains a major Indiana employer, with about 5,000 workers making transmissions at plants in Kokomo. Some of those workers could end up transferring to a joint-venture transmission plant in Tipton operated by Getrag and Chrysler that will employ about 1,400.
Tom LaSorda is expected to remain as Chrysler's chief executive. Former Chrysler chief operating officer Wolfgang Bernhard is expected to become Chrysler chairman.
Bernhard was hired as an adviser to Cerberus this year, and his presence is believed to have helped the private-equity firm's acquisition.
The company said it will bring back its Pentastar logo, which was dropped from use after its union with Daimler-Benz nine years ago.
For the next month or so, company officials say they will refer to the automaker as the New Chrysler. DaimlerChrysler will change its name to Daimler AG on Oct. 4.
As a private company, LaSorda said, Chrysler will enjoy "significant benefits," such as a laser-like focus and the ability to make long-term investments "free from financial market pressures to generate short-term results."
Chrysler is undergoing a massive restructuring, which includes eliminating 13,000 jobs over three years, investing $3 billion into producing more fuel-efficient powertrains and closing a Delaware assembly plant. Those cuts largely have missed Kokomo.
Cerberus, named for the three-headed dog that guarded the gates of Hades in Greek mythology, was established in 1992. The private investment firm has about $25 billion under management.
Indianapolis-born Dan Quayle, the former vice president, is chairman of global investments at Cerberus.
Source:Detroit Free Press
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