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April 21, 2010

ITALY: Marchionne confirms Fiat split plan, stresses Chrysler integration

In a presentation to investors in Turin Fiat Group CEO Sergio Marchionne has outlined a plan for Fiat's automotive operations that includes further integration of Fiat Group Automobiles (FGA) and Chrysler Group operations.

In a presentation to investors in Turin Fiat Group CEO Sergio Marchionne has outlined a plan for Fiat’s automotive operations that includes further integration of Fiat Group Automobiles (FGA) and Chrysler Group operations.

Marchionne also said, as expected, that the plan is for a separation of Fiat Group’s industrial and automotive operations with the two companies publicly listed separately.

He added that the company hoped to have the process completed by the end of 2010, if economic conditions remain stable.

“We have found in Chrysler the perfect partner and we have been able to agree on some very basic principles. It is a dream that I have had since 2004,” Marchionne said.

In an overview of FGA’s ‘2010-2014 Plan’ he said that there should be optimal allocation of production between FGA and Chrysler Group without the need for further ‘bricks and mortar’ investment.

Chrysler and Lancia product portfolios will be ‘fully integrated’ in the plan, with joint platforms and shared distribution.

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