Transmission manufacturer GETRAG and American automaker Chrysler met recently to discuss and attempt to resolve issues surrounding an agreement that went sour between the two companies.
According to a release from GETRAG, Chrysler has rejected a financing structure offered by GETRAG and its banks to supply the automaker with fuel-saving dual-clutch transmissions and develop a new facility in Tipton, Indiana. In addition to rejecting the financing structure, Chrysler has chosen to terminate the supply agreement and related documents as well.
GETRAG says that they're astonished by the actions of Chrysler, and that they'll pursue all of the rights and remedies available to them under the terms of the agreement- especially for reimbursement of all expenses incurred by GETRAG and its suppliers. GETRAG maintains that Chrysler's claims are without merit.
"Having worked closely with Chrysler to secure the financing of this project, we were stunned to receive this lawsuit," said GETRAG Chief Financial Officer James Sheehan. "GETRAG strongly disagrees with any claim by Chrysler that it has violated any agreements between the parties and GETRAG has acted in good faith with Chrysler to develop the Tipton project. It is our hope we can discuss this matter with Chrysler in the near future and resolve it in the best interests of both companies, the automotive supply chain for this project, and the Tipton community."
photo:Getrag
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| Getrag Office. |
According to a release from GETRAG, Chrysler has rejected a financing structure offered by GETRAG and its banks to supply the automaker with fuel-saving dual-clutch transmissions and develop a new facility in Tipton, Indiana. In addition to rejecting the financing structure, Chrysler has chosen to terminate the supply agreement and related documents as well.
GETRAG says that they're astonished by the actions of Chrysler, and that they'll pursue all of the rights and remedies available to them under the terms of the agreement- especially for reimbursement of all expenses incurred by GETRAG and its suppliers. GETRAG maintains that Chrysler's claims are without merit.
"Having worked closely with Chrysler to secure the financing of this project, we were stunned to receive this lawsuit," said GETRAG Chief Financial Officer James Sheehan. "GETRAG strongly disagrees with any claim by Chrysler that it has violated any agreements between the parties and GETRAG has acted in good faith with Chrysler to develop the Tipton project. It is our hope we can discuss this matter with Chrysler in the near future and resolve it in the best interests of both companies, the automotive supply chain for this project, and the Tipton community."
photo:Getrag