Fiat plans $300 mn investment in Argentina

May 23rd, 2008 - 5:24 pm ICT by admin  

Buenos Aires, May 23 (IANS) Italian automobile giant Fiat has announced a $300 million investment plan in its existing plant in Argentina to produce auto parts for export, EFE news agency reported Friday. The investment will go into Fiat’s plant in the central province of Cordoba, where 16-valve engines and transmissions will be produced for export, Fiat Power Train Technology chief Alfredo Altavilla told the press Thursday.

Fiat managers met Wednesday with Cordoba governor Juan Schiaretti and told him that the spare parts unit would create 2,400 new direct and indirect jobs.

Some $200 million will go into engine and transmission manufacturing, while the remaining $100 million will be invested in vehicle assembly operations, Cordoba state industry secretary Cesar Martinelli said.

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in World |