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2008-03-02
Manufacturing News
KUKA supports expansion of automotive manufacturing systems KUKA AG reaches agreement with Chrysler for continued support of the Jeep Wrangler automotive manufacturing systems at the Toledo, Ohio production operations.
KUKA Aktiengesellschaft (AG), has reached agreement with Chrysler LLC and the financing banks regarding the prepayment of the financing of the Chrysler Jeep Wrangler automotive body manufacturing facility of KUKA's American subsidiary KUKA Toledo Production Operations LLC (“KTPO”). KTPO has been building Jeep Wrangler car bodies at the Chrysler auotmotive factory systems site in Toledo, Ohio, since July 2006. The chassis assembly system and paint shop, which are also operated by third parties, are located in this supplier park as well. KTPO has about 250 employees, who were involved in building more than 155,000 car bodies over the course of the 2007 financial year. KTPO production output and earnings were considerably higher than expected in 2007. The production facility was designed and constructed by the Detroit-based American systems builder KUKA Systems North America Corp. The manufacturing system employs 240 KUKA robots. The company's contract with automotive maker Chrysler calls for the manufacture of Jeep Wrangler car bodies, with two seven-year terms until the year 2020. Another option would have been the purchase of the assets by Chrysler. But in this case Chrysler would also have taken over the operation of the plant and KUKA would have had to forfeit significant EBIT and cash flow contributions. KUKA itself therefore decided to prepay the financing. The KTPO unit, will purchase the buildings and automotive production systems. The prepayment of the financing, funds for which will come from the KUKA Group's existing net liquidity, will lead to an increase in assets as a result of the purchase of the manufacturing facility and a decrease in net liquidity of about EUR 85 million. The prepayment of the financing by KTPO supports the expansion of the North American business for both KUKA Systems and KUKA Robotics. Operating a flexible production system is a core competence for the automotive industry and other manufacturing sectors. We not only expect the major American carmakers to continue investing in new models and production systems, but also that European automotive manufacturers will construct new plants or expand their existing manufacturing facilities in North America over the course of the next few years. Got a Cool Job in Automotive Engineering? - Post Jobs to Dedicated Engineering Portal Now! See all the Press Releases from KUKA sites. Read a recent article about -
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