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Fiat To Build $720M Turin Plant

Mon, 08/29/2011 - 9:18am

MILAN (AP) — Fiat SpA, which controls Chrysler, has confirmed plans to invest euro500 million ($720 million) to build Maseratis in a plant near Turin.

Fiat confirmed the investment in the plant, which formerly made Bertone cars, in a statement Friday after receiving guarantees that the government will pass a law favoring investments that are backed by unions.

Fiat has been negotiating with unions plant-by-plant to introduce more flexible work rules it says are necessary to guarantee production. Similar deals have been reached at the Mirafiori and Pomigliano plants.

The automaker has announced plans to invest euro20 billion in Italian plants with the goal of producing 6 million vehicles a year by 2014 in its partnership with Chrysler.

 

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