by David Zatz • Posted on October 19th, 2008
According to Getrag Transmission Manufacturing LLC, Chrysler has canceled the construction of advanced, efficient dual-clutch transmissions by Getrag in Indiana, as of Friday. Chrysler has sued Getrag over its inability to borrow $300 million to pay for tooling; Getrag said it would sue Chrysler for damages and reimbursement for the expense of building the plant, which is fairly advanced in construction and was set to start building the transmissions in 2009.
Getrag issues a press release, which stated, in part:
Chrysler LLC has rejected the financing structure that GETRAG had offered together with its banks, which required Chrysler to secure some of their obligations under the supply agreement, and has elected to terminate the supply agreement and related documents.
GETRAG is astonished by this action and will pursue all rights and remedies under the terms of the supply agreement for, among other things, reimbursement of all expenses incurred by GETRAG and its suppliers in connection with the project.
With respect to the pending lawsuit, GETRAG maintains that Chrysler’s claims are without merit. GETRAG intends to vigorously defend the lawsuit and file counterclaims against Chrysler to recover damages suffered by GETRAG caused by Chrysler’s conduct.
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