December 18, 2009 / 4:48 PM / in 8 years

Fiat's Iveco wins $3.37 billion Brazil army deal

TURIN, Italy, Dec 18 (Reuters) - Fiat’s FIA.MI commercial vehicles unit Iveco has won a $3.37 billion contract to supply 2,044 armoured personnel carriers to the Brazilian army, Iveco said in a statement on Friday.

“The contract has a value of 6 billion reals ($3.37 billion) in over 20 years,” the statement said.

The vehicles will replace the previous Urutu model, Iveco added.

Production of the first tranche of the vehicles should start in 2012 and deliveries will be completed by 2030. The vehicles will be produced in Brazil. ($1=1.782 Brazilian real) (Reporting by Gianni Montani; Writing by Jo Winterbottom; Editing by Greg Mahlich)

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