FCA, GLOBAL CONSTRUCTOR
Economy: a fusion between Lingotto and the manufacturers of Detroit
Marchionne: "From now on the guy who works in Chrysler, when he sees a Ferrari on the road can say: it’s ours".
Italy re-enters the inner circle of the world-wide industry. The Italian carmaker acquired 100% of Chrysler, thanks to the acquisition of 41.46% of shares that belonged to Veba, the trust fund of the American syndicated UAW, that will immediately receive 3.65 billion dollars followed by another 700 million in four instalments within the next three years. Fiat Chrysler Automobiles is the name of the new joint company. The new holding company, incorporated in the Netherlands, is expected to be listed on the New York Stock Exchange by the end of 2014 and on the Mercato Telematico Azionario in Milan. The new logo is made from the letters F.C.A. and rendered in light blue. The new group will have the tax domicile in the United Kingdom. "This choice” according to a statement by the company “will have no effect on the taxation to which are subjected the operating activities of the Holding in different countries". All of the activities that are incorporated in Fiat Chrysler Automobiles "will continue their mission, including of course the production plants in Italy and in the rest of the world, and there will be no impact on employment levels".It is therefore an important fusion of luxury, which promotes Fiat as a "global manufacturer”, in the words of the Group’s CEO, Sergio Marchionne. Pleased also the President, John Elkann, who commented: "I’ve been waiting for this day ever since 2009, when we were chosen to contribute to the reconstruction of Chrysler".
The news was welcomed by the majority of the trade unions and local authorities: "The merging agreement”the national secretary of the Fim Cisl, Ferdinando Uliano, announced recently “will make additional financial resources available for the re-launching of all the other group manufacturing plants, with positive prospects for the workers. Now it is essential to invest as soon as possible, as announced in the Italian factories, starting with Mirafiori and Cassino". For the mayor of Turin, Piero Fassino, the agreement "strengthens the role of global player for the group and is a strategic choice from which we expect to have positive consequences both for Italy and Turin". The most significant words are obviously still those of Marchionne: "America has always believed in our ideas and has opened the doors to us. There, unlike in our country, changes are welcome. The cure has worked and the market restarted earlier than expected", but "it is not a conquest, we made something new. And as of today, when the American kid that works at Chrysler sees a Ferrari go by he can say: that’s ours”. To those who think there may be negative implications for Italy, he explains: "It's the opposite. This operation has allowed the survival of the Italian industry in a market which has halved over the past few years. We can now restart with networks and stronger bases". Marchionne continues: "we will emerge from the 'mass market' - with few customers and many competitors - to go to the Premium sector with Alfa and Maserati. Teams of our men are preparing the prototypes".From what is known, the Maserati will be made at Mirafiori-Grugliasco plant, the 500X and small Jeeps in Melfi, and the Panda in Pomigliano. The relaunching of the Alfa is planned in Cassino, making all Italian factories operative.
CONGRATULATIONS TO THE OPERATION FROM THE ACI PRESIDENT SCHICCHI DAMIANI "AN EXCEPTIONAL OPPORTUNITY FOR OUR COUNTRY"
Fiat completes Chrysler buyout and becomes a "global manufacturer”. And "the Italian economy - not only the car sector - welcomes with pleasure the agreement that guarantees100% Fiat control of Chrysler. This is an exceptional opportunity for our country, and the beginning of a new phase in industrial relations". This is the opinion of the President of the Italian Automobile Club Angelo Sticchi Damiani, according to whom "the acquisition of the entire shareholding of the USA company not only confirms the good quality and the strength of the Italian industrial system, which is excellent and recognized throughout the world - but also represents an exceptional opportunity for the whole car sector: I think of the benefits for both Fiat, Alfa Romeo and Maserati - historical symbols Made in Italy - but more broadly, to the whole industry that from this initiative will receive a new fundamental impetus to overcome the crisis and start a renewed phase of growth".“Above all” concludes Sticchi Damiani "the investment plan that Fiat envisages for our country - another crucial step for the future development of the sector – can only reinforce itself with positive effects on the whole Italian economical system".