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Fiat-Chrysler asset buyout deal finalizes
2009-06-10 16:30:17 (GMT) (Caymanmama.com - Automotive Top Stories News)
Nashville, Tennessee (CaymanMama.com) – The deal between Italy’s Fiat and America’s struggling automaker, Chrysler closed Wednesday which makes Fiat the new owner of the majority of Chrysler’s assets.
This finalized deal will essentially save Chrysler from total liquidation and puts a new company in the hands of Fiat’s CEO.
In addition, the new arrangement will set the course for a newer, leaner Chrysler Group LLC to reemerge from bankruptcy protection without the bulk of billions in debt, 789 failing dealerships and heavy labor costs that almost folded the storied automaker.
Fiat CEO Sergio Marchionne was instantly named CEO of the new company. Marchionne said in a statement that Fiat would reopen Chrysler factories which had gone on hiatus during the bankruptcy process, costing Chrysler $100 million per day.
The new company will concentrate on smaller vehicles, an part in which Chrysler was weak.
“Work is already under way on developing new environmentally friendly, fuel-efficient, high-quality vehicles that we intend to become Chrysler’s hallmark going forward,” the new company said in a statement.
“We intend to build on Chrysler’s culture of innovation and Fiat’s complementary technology and expertise to expand Chrysler’s product portfolio both in North America and overseas,” Marchionne said in a statement.
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