by Andrew SchunkTwinsburg Bulletin EditorTwinsburg -- The DaimlerChrysler Stamping Plant may soon be known as the Twinsburg Chrysler Stamping Plant following a $7.4 billion agreement reached May 14 between DaimlerChrysler Corp., Chrysler Group and a private equity firm in New York.Officials with the DaimlerChrysler Corp., which owns the 1,750-employee plant on East Aurora Road, announced May 14 at a press conference in Germany that the car manufacturer will sell its controlling interest in the Chrysler Group for $7.4 billion to Cerberus Capital Management of New York, according to Dave Elshoff, Chrysler Group spokesperson.The sale will not affect the 110 planned job cuts at the Twinsburg plant, which are part of a "recovery and transformation plan" announced by DaimlerChrysler officials in mid-February, according to Elshoff."The sale really represents Cerberus' vision that the Chrysler Group has the right plan in place," Elshoff said.United Auto Workers Local 122 President Leonard Scheutzow, who represents the Twinsburg plant, could not be reached for comment by press time. Chrysler spokesmen said union leaders representing Chrysler's 80,000 workers were to meet in Detroit, Mich., May 16 to discuss what affect the new ownership could mean for workers' health benefits and retirement packages.In a statement released May 14, UAW President Ron Gettelfinger said, "The transaction with Cerberus is in the best interests of our UAW members, the Chrysler Group and Daimler."Cerberus Capital Management, a private equity firm chaired by former U.S. Treasury Secretary John Snow, has agreed to pay $7.4 billion for an 80.1 percent share in the Chrysler Group, according to a May 14 release from Cerberus.WHEN THE sale is finalized sometime this fall, the Chrysler Group will be known as Chrysler Holding LLC, and the DaimlerChrysler Corp., which will retain a 19.9-percent share of Chrysler Corp. LLC, will be known as the Daimler AG Corp., according to Chrysler Group officials."We're confident that this transaction will create a stand-alone Chrysler that is financially sound," said Chrysler Group spokesperson Michele Tinson. "This will accelerate our company's recovery ... with industry know-how and our spirit of innovation."The "recovery and transformation plan" announced Feb. 14 followed a $1.5 billion loss for the Detroit car manufacturer in 2006, DaimlerChrysler officials said in February.About 13,000 workers in North America -- 11,000 hourly and 2,000 salary -- are expected to lose their jobs during the next three years, according to Tinson.About 110 "volume-related" jobs will be lost between 2008 and 2009 at the local stamping plant. As well, a Streetsboro distribution center and its 100 employees will be closed by the end of 2007, officials announced in February.According to Elshoff, "additional numbers may be cut at the Twinsburg plant" by 2010, as Chrysler looks to trim about 475 "productivity-related" jobs from Ohio's 7,000-person DaimlerChry-sler workforce.Both Tinson and Elshoff said specific "productivity-related" job cuts at the Twinsburg plant -- if any -- were not known. Retirement and severance packages are expected to be offered by DaimlerChrysler to the 475 workers, though details of those packages are not yet known, Tinson said.E-mail: aschunk@recordpub.comPhone: 440-232-4055 ext. 4106