Fiat to sell industrial unit in stock marketApril 22nd, 2010 - 3:08 pm ICT by IANS
Turin, 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.
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