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Chrysler, GM to sell unit
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March 31, 1998: 4:20 p.m. ET
Auto makers seeking buyer for New Venture Gear, their joint parts venture
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NEW YORK (CNNfn) - Chrysler Corp. and General Motors Corp. said Tuesday they are looking to sell their New Venture Gear auto parts joint venture.
New Venture Gear, which was established in 1990, boasts annual sales of about $1.3 billion. Chrysler owns 64 percent and GM owns the rest.
New Venture Gear, based in Troy, Mich., produces gears, four-wheel drive applications and power train technology, mainly for Chrysler and GM. It employs 5,000 in plants in Syracuse, N.Y., and Muncie, Ind.
Chrysler said Morgan Stanley is advising the two companies on the sale. A Chrysler spokesman said it's too early to discuss potential bidders.
Shares of Chrysler (C) dropped 1/4 to at 41-5/8 in late trading Tuesday. General Motors (GM) shares fell 7/8 to 67-3/8. 
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