CHRYSLER SIGNS AGREEMENT FOR ASSEMBLY OF RIGHT-HAND-DRIVE JEEP CHEROKEE IN MALAYSIA
CHRYSLER SIGNS AGREEMENT FOR ASSEMBLY OF
RIGHT-HAND-DRIVE JEEP CHEROKEE IN MALAYSIA
HIGHLAND PARK, Mich., May 19 /PRNewswire/ -- Chrysler Corporation (NYSE: C) today announced that it has signed a licensing agreement with MBf Automobile Sdn Bhd for the assembly, distribution and sale of right- hand-drive Jeep(R) Cherokee models for the domestic Malaysian market.
Assembly is expected to begin in 1993. The domestic Malaysian four- wheel-drive wagon market has grown an average of more than 60 percent each year for the past four years and further growth is expected.
"The Jeep Cherokees that will be assembled in Malaysia will join our other successful CKD kit assembly programs in which a major percentage of the components are built in North America and shipped in boxes for assembly in markets that restrict importation of built-up vehicles," said Joseph E. Cappy, Chrysler vice president of International Operations. "Local assembly provides work for our North American work force while at the same time providing us with access to the local market. We look forward to our new alliance with MBf."
"We believe that Asia Pacific will be the area of growth in the next 20 years and this is where we are positioning ourselves," said Dato Loy Hean Heong, president/group chief executive of MBf Holdings Berhad, the parent company of MBf Automobile. "Cherokee will be a strong contender in the growing four-wheel-drive market in Malaysia. We are pleased with our new association with Chrysler and believe that both companies will benefit from the licensing arrangement."
"This is Chrysler's fifth Cherokee production site and is part of our strategic thrust to expand into new markets that favor local assembly over vehicle imports," said Peter Badore, director - KD Operations for Chrysler.
MBf Holdings is a conglomerate involved in automotive distribution, financial services, manufacturing and property management. Founded 29 years ago, MBf is comprised of more than 100 subsidiaries and associated companies. It has operations in Australia, China, Indonesia, Papua New Guinea, Hong Kong, Singapore and Thailand, as well as in Malaysia. Dato Loy was a recipient of the Malaysian Entrepreneur Award in 1985 and the Malaysian Institute of Directors' Academy of Fellowship Award in 1991. He is currently a director of MasterCard International, U.S.A.
/CONTACT: Tony Cervone of Chrysler KK -- DE011 -- 1787 05/19/92 11:48 EDT