Following receipt of regulatory approval, Fiat Group Automobiles' acquisition of the 50% stake in VM Motori for EUR34.1m (US$47m) held by General Motors, is now complete.

Fiat Group acquired an initial 50% stake in VM in 2010 and now has 100% control. The purchase has been implemented following the exercise of a put option by General Motors.

Established in 1947, VM is specialised in the production of advanced diesel engines and its plant in Cento, north-east Italy, covers an area of 85,000 square meters employing 1,150 people.

VM produces around 90,000 engines per year for customers such as Jeep, Chrysler, Lancia and LTI (London Taxi). A VM engine also powers the first diesel model recently launched by Maserati.

VM also supplies engines to a number of customers from other sectors including industrial, agricultural and marine, based on core technologies developed for the auto sector.