Fiat Completes VM Motori Acquisition
Fiat, the parent company of the Chrysler Group, announced it has completed it acquisition of the remaining 50% of Italian diesel manufacturer VM Motori S.p.A. from General Motors for €34.1 million ($47.1 million). Fiat had purchased the first 50% of VM in 2010.
VM, based in Cento, Italy, manufactures engines used in trucks and on-highway vehicles, as well as for marine, industrial and off-highway applications. In the U.S., it supplies engines for the Dodge Ram 1500 and Jeep Cherokee. Annual production is approximately 90,000 engines per year.