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January 17, 2008 |
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FIAT SPA: Magneti Unit Forms Joint Venture with Sumi Motherson Fiat S.p.A.'s Magneti Marelli S.p.A. and Sumi Motherson Group have signed an agreement for the creation of a joint venture in India aimed at the production of automotive components in the area of lighting and engine control systems. According to the provisions of the agreement, Magneti Marelli Holding and Sumi Motherson Group, through its holding company Samvardhana Motherson Finance Limited, will each own a 50% interest in the joint venture. The industrial facilities will be located in the areas of New Delhi and Pune and will concentrate on the production and assembly of intake manifolds for engines and headlamps and rear lamps for automobiles. The joint venture's activities will target the Indian market and the local and international carmakers operating in the territory. "The joint venture with Sumi Motherson Group represents our second important agreement signed in India within a few months, and it confirms our strategy to be directly present on the automotive markets featuring a high growth rate, at the service of our global automotive clients and of local companies," Eugenio Razelli Magneti Marelli CEO disclosed. "Thanks to a solid partner like Sumi Motherson, in addition to further expanding our offer in the powertrain sector, we will also be able to play an important role in India in the area of lighting systems for motor vehicle. Shared investments with local partnerships facilitate rapid growth in fast developing markets. In those markets, that are becoming more and more global, the need for technology is growing rapidly," Mr. Razelli added. "The joint venture with Magneti Marelli will further strengthen our existing relations in the Automotive Industry. We are continuously exploring new areas and niches where we can add value by acquiring new technologies. We firmly believe that we will be able to provide the latest and world class products to our customers in the areas of lighting and engine control systems. This joint venture will further enhance our philosophy of creating more value per car," V.C. Sehgal Sumi Motherson chairman disclosed. Magneti Marelli, a company belonging to the Fiat Group, designs, produces and markets advanced systems and components for motor vehicles. It has 45 production facilities and 25,000 employees and a turnover of EUR4.5 billion in 2006. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/ -- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term corporate family rating of Ba1 and probability of default rating of Ba1 with positive outlook. The company also carries Standard & Poor's BB+ on long-term foreign issuer credit rating, BB+ on long-term local issuer credit rating, B on short-term foreign issuer and local issuer credit ratings. |
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