Fiat has resolved his "dilemma". This is how the pattern of the firm of Turin, Sergio Marchionne, yesterday announced its decision to split into two group whose family Agnelli, John Elkann, heir was to be invested President by the Board of Directors ("Les Echos" of Wednesday). A due "historic" dilemma, he said, that Fiat has agglomerated over time of activities to the cycles of profitability and different capital, "unrelated to the core business of Fiat" requirements, namely the automobile.
Concrete trucks Iveco, farm machinery Case New Holland (CNH) and the generators and motor boats of Fiat Powertrain Technologies (FPT) part will come out of the group, such that it is currently known to be collected in a new entity, called the Fiat Industrial (FI). It will be listed on the Milan Stock Exchange.
Thus, "New Fiat", as were the already dubbed in Turin, will be refocused on the automobile. It will branch current auto - Maserati, Ferrari and Fiat Group Automobiles (Fiat, Alfa Romeo and Lancia) - but also Hellenic Magneti Marelli and Comau OEMs and automotive engines of CNH. Sergio Marchionne has promised its shareholders that they would not lose to the Exchange. For all currently detained title, each of them will be propose a Fiat Industrial action and action of the new Fiat.
"Phenomenal opportunity".
Sergio Marchionne, the call-up since May 2004, not to was not resolved earlier to this split but deemed inevitable in Italy, if it had preferred first recover accounts. Then the economic crisis came all upset. In the storm, "needed to maintain the perimeter in the State" and it would have been "unthinkable" to reorganize bottom Fiat fundamentally, he explained.
Today, the horizon clears. The year 2010 will be difficult but, in the first quarter, Fiat has seen its sales rebound, which allowed him to bring back its net loss to EUR 21 million, against-411 million in the first three months of 2009. "We have a phenomenal opportunity to reposition us in the global market," said Sergio Marchionne, constituting a dedicated company exclusively to the automobile, more visible and better able to identify synergies with Chrysler, with which the alliance is now on track.
With the American Builder, precisely, the Fiat group new formula aims to produce 6 million vehicles per year from 2014, compared to less than 4 million for the moment. In the meantime, he plans to launch 34 new models, of which 13 will be assembled by Chrysler in North America. What $ 104 billion euros of turnover (against 64 billion expected this year) and identify gross operating income EUR 14 billion. Meanwhile, Fiat Industrial true, always in 2014, some 29 billion euros of turnover (against 19 billion in 2010). In terms of calendar, the preparatory phase of the split is scheduled for the month of may, in order to start the process in August and the conclusion late December at the latest. Finally, as regards governance, the new Fiat will be well chaired by John Elkann. Sergio Marchionne in will remain the Managing Director but there are, a contrario, take the chairmanship of Fiat Industrial.
The question now is whether that will be the Agnelli. 30 Of Fiat shareholders, be permanently the two new entities The bets are open.
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