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Looking for a Savior.(Column)

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| October 01, 2007 | COPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Dutch Mandel

For two decades and five union contracts, I've been part of Detroit's warp and woof and have lived its ups and downs. In the recent protracted down cycle of domestic car sales and, by extension, the concentric economic effect throughout the state, it has taken every bit of genuine-and affected-effort to keep a positive attitude.

Even the most ardent industry cheerleaders secretly will admit that a positive outlook has been tested lately. The canary in Motown's coal mine was about to tip from its perch when-lo! Look who came to save the day: automotive businessman extraordinaire Jim Press.

It is too early to say whether Press is Detroit's savior, but the Chrysler shaft has opened and is illuminated. When news broke that Press would head Chrysler sales, a nearly audible fist pump came from throughout the domestic industry.

Press spent 37 years growing Toyota, until last month, when Cerberus Capital, the people who own 80 percent of Chrysler, made him an offer he couldn't refuse. Bet the offer included piles of money and a piece of the entrepreneurial action. Bet ...

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Source: HighBeam Research, Looking for a Savior.(Column)

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