The History of Daimler


Daimler AG (formerly DaimlerChrysler, which was formerly Daimler-Benz AG) is a German car corporation (not to be confused with the British Daimler Motor Company). In addition to cars, Daimler manufactures trucks and provides financial services through its Daimler Financial Services arm. The company also owns major stakes in aerospace group EADS, high-technology and parent company of the Vodafone McLaren Mercedes racing team McLaren Group, and Japanese truck maker Mitsubishi Fuso Truck and Bus Corporation.
DaimlerChrysler was founded in 1998 when Mercedes-Benz manufacturer Daimler-Benz (1926–1998) of Stuttgart, Germany merged with the US-based Chrysler Corporation. The deal created a new entity, DaimlerChrysler. However, the buyout failed to produce the trans-Atlantic automotive powerhouse dealmakers had hoped for, and DaimlerChrysler announced on May 14, 2007 that it would sell Chrysler to Cerberus Capital Management of New York, a private equity firm that specializes in restructuring troubled companies. On October 4, 2007 a DaimlerChrysler Extraordinary Shareholders' Meeting approved the renaming of the company. From October 5, 2007, the company has been titled Daimler AG. The US company adopted the name Chrysler LLC when the sale completed on August 3, 2007.
Daimler produces cars and trucks under the brands of Mercedes-Benz, Maybach, Smart, Freightliner and many others.
An Agreement of Mutual Interest was signed on May 1, 1924 between Benz & Cie (founded 1883) of Karl Benz and Daimler Motoren Gesellschaft (founded 1890) of Gottlieb Daimler and Wilhelm Maybach.
Both companies continued to manufacture their separate car and internal combustion engine brands until, on June 28, 1926, when Benz & Cie. and Daimler Motoren Gesellschaft AG formally merged—becoming Daimler-Benz AG—and agreed that thereafter, all of the factories would use the brand name of Mercedes-Benz on their cars.
In 1998 Daimler-Benz AG "merged" with the American car manufacturer Chrysler Corporation, and formed DaimlerChrysler AG. In 2007, when the Chrysler group was sold off to Cerberus Capital Management, the name of the parent company was changed to simply Daimler AG.
On November 16, 2009 Daimler purchased a 75.1% stake in Brawn GP. The company was rebranded as Mercedes GP.  The purchase of Brawn meant that Daimler will sell its 40% stake in McLaren back in phases which will end in 2011. Mercedes will continue to provide sponsorship and engines to McLaren until 2015 when McLaren will probably have to find an engine supplier or make its own engines.

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