Features

DaimlerChrysler Company 

feeling the crunch 

FRANKFURT, Germany — DaimlerChrysler’s struggling Chrysler division will lose $1.25 billion in the fourth quarter, according to a newspaper report. 

That loss would be more than twice the $512 million the U.S. division lost in the third quarter. 

The poor figures sparked a management shake-up that put German executive Dieter Zetsche in place of American James P. Holden at the top of Chrysler to turn things around. The Frankfurt Allgemeine Zeitung, citing sources in Frankfurt financial circles, reported in an advance copy of a Monday article that DaimlerChrysler chairman Juergen Schrempp will send a letter to all company shareholders warning of the loss. 

Truck plant workers  

ratify union accord 

MOUNT HOLLY, N.C. — Union workers at Freightliner Corp.’s Mount Holly truck plant overwhelmingly ratified a new three-year labor agreement Sunday, more than 48 hours after the old one expired. 

The new contract affects about 2,350 workers at the Mount Holly plant and provides for three annual wage increases, company officials said. 

The company had said that it would close the Mount Holly plant Monday and move production temporarily to Mexico unless a new contract agreement was negotiated. 

Prudential Insurance  

has own IPO plan 

NEWARK, N.J. — The board of directors for Prudential Insurance Co. unanimously approved a plan for an initial public offering of the insurance giant’s stock by October, according to a memo distributed to workers. 

The plan to distribute shares to its approximately 12 million policyholders would make Prudential the most widely held U.S. stock, according to a memo from CEO Art Ryan that was distributed Friday, after the vote was taken. The company is expected to make an official announcement Monday.