Following receipt of regulatory approvals, Fiat Group Automobiles’ acquisition of the
50% stake in VM Motori S.p.A. held by General Motors is now complete. The purchase
consideration was €34.1 million. Fiat Group acquired an initial 50% stake in VM in 2010
and now has 100% control.
The purchase has been implemented following the
exercise of a put option by General Motors, after several years of fruitful cooperation.
Established in 1947, VM is specialized
in the production of advanced diesel engines.
Its plant located in Cento, in north-east Italy, covers an area of 85,000 square meters
and employs approximately 1,150 people.
VM produces around 90,000 engines per year for customers such as Jeep, Chrysler,
Lancia and LTI (London Taxi). A VM engine, the most powerful in its class, also powers
the first ever diesel model just launched by Maserati.
VM also supplies engines to a number of large customers from other sectors
including industrial, agricultural and marine
based on the core technologies
developed for the auto sector.
Turin, 28 October 2013