Chrysler Taking 2-Wk Companywide Summer Shutdown

DETROIT (Reuters) - Chrysler said on Thursday it plans to shut all but its most essential operations worldwide for two weeks in July, a first for the struggling U.S.-based automaker as it attempts to cut costs and preserve cash.

Chrysler, which is in a restructuring that includes trimming some vehicle lines and buyouts for its 44,000 U.S. hourly workers, lost $1.6 billion in 2007.

(Reporting by David Bailey, editing by Mark Porter)