ITALY: Struggling Fiat group to ask for "crisis status" at Auto and related divisions

ITALY: Struggling Fiat group to ask for “crisis status” at Auto and related divisions

A Reuters report said that the struggling Fiat group today (Thursday) announced it had started procedures to ask for "crisis status" at its loss-making Fiat Auto car unit and related subsidiaries, a key step in its plan to shed jobs. The Reuters report said Fiat wants to cut another 8,100 jobs as part of a cost-cutting plan but would need a government-approved crisis status to make use of a one-year temporary layoff programme at Fiat Auto, robotics unit Comau and components maker Magneti Marelli.

bcusack October 31, 2002

A Reuters report said that the struggling Fiat group today (Thursday) announced it had started procedures to ask for “crisis status” at its loss-making Fiat Auto car unit and related subsidiaries, a key step in its plan to shed jobs.

The Reuters report said Fiat wants to cut another 8,100 jobs as part of a cost-cutting plan but would need a government-approved crisis status to make use of a one-year temporary layoff programme at Fiat Auto, robotics unit Comau and components maker Magneti Marelli.