Fiat to sell industrial unit in stock market
April 22nd, 2010 - 3:08 pm ICT by IANSTurin, April 22 (IANS/AKI) Automobile maker Fiat will separate its industrial business and sell it on the stock market by the end of the year as it aims to manufacture six million cars a year by 2014.
The separated farming and construction equipment business would be named “Fiat Industrial,” with an initial stock sale planned by the end of this year, Sergio Marchionne, chief executive officer of Fiat, said at a meeting with analysts Wednesday.
Revenue from the car-making unit will rise to 51 billion euro from 26.3 billion euro in 2009, the company said. Group sales will total 93 billion euro by 2014.
“There is no longer any reason to keep together two sectors that operate from such diverse industrial and financial logic. The existing structure no longer serves any useful purpose,” Marchionne said.
The automobile company plans to double production in the country to 1.4 million vehicles in 2014 from the current 650,000, he said.
A statement from the company said its first-quarter net loss narrowed to 25 million euro from 410 million euro a year earlier.
–IANS/AKI
pm/dg
- Fiat profit more than doubled in fourth quarter - Feb 03, 2012
- Fiat CEO's anti-Italy comments spark outrage - Oct 26, 2010
- Italy's Fiat dealers in for a sad Christmas - Dec 24, 2010
- 16 Italian judges held in anti-mafia operation - Mar 20, 2012
- Gaddafi's $25 mn Italian hotel complex seized - May 17, 2012
- Fiat workers strike in Italy over bonuses - Jul 13, 2010
- Italy seizes Gaddafi assets worth $1.4 bn - Mar 30, 2012
- Italy loses 4.5 bn euros in tax frauds - May 03, 2012
- Italy to invest 2 bn euros in Serbian energy projects - Oct 27, 2011
- Italy wine exports beat home consumption for first time - Apr 08, 2011
- Chrysler plant in Mexico to build Fiat subcompact - Mar 09, 2011
- 'Gucci' Fiat 500 unveiled at Milan Fashion Week - Feb 25, 2011
- Italian magistrate arrested in mafia crackdown - Nov 30, 2011
- Ferrari to modify name of race car after spat with Ford - Feb 12, 2011
- Fiat to manage distribution of Indian subsidiary - May 02, 2012
Tags: automobile company, automobile maker, chief executive officer, construction equipment business, dg, farming, fiat, group sales, industrial business, initial stock, logic, million cars, million vehicles, sectors, stock market, turin