Fiat Industrial to invest $100 mln in Argentina

Tue Apr 26, 2011 5:32pm EDT

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BUENOS AIRES, April 26 (Reuters) - Fiat Industrial FI.MI, through its affiliate CNH CNH.N, will set up a plant in Argentina to manufacture powerful combines and specialty tractors destined for the Latin American market.

The plant will create some 600 direct and 1,500 indirect jobs, CNH said in a statement on Tuesday.

"The initial investment of over $100 million will include the launch of new, localized product lines and expansion of the Fiat Industrial complex in Cordoba, Argentina," CNH said.

The announcement was made after a meeting in Buenos Aires between the chairman of Fiat Industrial Sergio Marchionne and Argentine President Cristina Fernandez.

The products are expected to be launched as early as the fourth quarter of this year, the company said.

Argentina and neighboring Brazil are major growers and exporters of oilseeds and grains. (Reporting by Magdalena Morales; Writing by Hugh Bronstein)

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