The German company Daimler-Benz is selling 80% of its share in Chrysler to Cerberus for about one-fifth of what it paid for it nine years ago. United Auto Workers local 122 President Lenny Scheutzow says it's unsettling news for his 1,470 members.
Scheutzow worked for Chrysler when they faced bankruptcy in the 80s and during their sale to Daimler in the 90s. He hopes the car company is not broken up. Private equity firms often slash spending at companies they buy and sell them off for a quick profit but the UAW National president has signed off on the deal.
Chrysler will undergo contract talks with the union this Summer and Scheutzow says he can't say whether they'll be bargaining from strength.
Chrysler also employs about 5,000 people in Toledo.