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Fiat SpA's Fiat Group Automobiles Completes Acquisition of VM Motori SpA Held by General Motors Co


Monday, 28 Oct 2013 11:34am EDT 

Fiat SpA announced that following receipt of regulatory approvals, Fiat Group Automobiles’ acquisition of the 50% stake in VM Motori SpA held by General Motors Co is complete. The purchase consideration was EUR 34.1 million. Fiat Group acquired an initial 50% stake in VM in 2010 and to date has 100% control. The purchase has been implemented following the exercise of a put option by General Motors, after several years of cooperation. Established in 1947, VM is specialized in the production of advanced diesel engines. Its plant located in Cento, in north-east Italy, covers an area of 85,000 square meters and employs approximately 1,150 people. VM produces around 90,000 engines per year for customers such as Jeep, Chrysler, Lancia and LTI (London Taxi). A VM engine also powers the diesel model just launched by Maserati. VM also supplies engines to a number of customers from other sectors – including industrial, agricultural and marine – based on the technologies developed for the auto sector. 

Company Quote

33.43
-0.13 -0.39%
24 Dec 2014