Fiat to purchase remaining stake in Chrysler Group
03 Jan 2014|2,476 views
Chrysler is now a wholly owned company under Fiat's umbrella, after the Italian conglomerate purchased the remaining stakes in the Michigan based automaker. The sale will see United Auto Workers' VEBA trust fund - the owner of Chrysler Group LLC - receive US$4.35 billion (approximately S$5.5 billion), of which US$3.65 billion will come from Fiat.
In a statement released by Fiat, Chief Executive Officer Sergio Marchionne believes that the "unified ownership structure will allow Fiat to fully execute its vision of creating a global automaker".
It has also been reported that part of the sales agreement includes the adoption of 'best practices' in Fiat's manufacturing plants by Chrysler, and execute them in their own factories. Details on these practices, however, are not revealed.
Chrysler is now a wholly owned company under Fiat's umbrella, after the Italian conglomerate purchased the remaining stakes in the Michigan based automaker. The sale will see United Auto Workers' VEBA trust fund - the owner of Chrysler Group LLC - receive US$4.35 billion (approximately S$5.5 billion), of which US$3.65 billion will come from Fiat.
In a statement released by Fiat, Chief Executive Officer Sergio Marchionne believes that the "unified ownership structure will allow Fiat to fully execute its vision of creating a global automaker".
It has also been reported that part of the sales agreement includes the adoption of 'best practices' in Fiat's manufacturing plants by Chrysler, and execute them in their own factories. Details on these practices, however, are not revealed.
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