Fiat Chrysler has been angling for a combination with another automaker for year...
TURIN, Italy/LONDON - Fiat Chrysler has been angling for a combination with another automaker for years, and its latest attempt - for a global tie-up with France’s Renault - could address some of the main weaknesses of both companies, sources say.But its vast Mirafiori plant in Turin, Fiat’s former hometown, illustrates a major reason why no deal has happened before, and the challenges for a tie-up that could face Italian political and labour opposition to any factory closures.
“Every three to four years we are hoping that a new model will help us turn the corner ... but then after a boom we are back in furloughs or on solidarity contracts and our salary goes down by a third,” said Giovanna Treccalli, a 54-year-old assembly line worker who has been with Fiat since 1987. Two sources with knowledge of the discussions told Reuters on Saturday the talks between the two carmakers were at an advanced stage. The Financial Times earlier reported the companies were discussing a deal.
Any tie-up is however likely to face political and workforce hurdles, particularly in Italy, with layoffs and closures potentially required to boost European operating profit margins from last year’s slender 1.8%. But he called for discussions with Fiat Chrysler to rule out the possibility of plant closures and job losses.
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