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Discussion Starter #61
FCA to sell its automotive components business Magneti Marelli S.p.A.

Calsonic Kansei and Magneti Marelli to Create a Leading Independent Automotive Components Supplier

The combined business will operate under the name Magneti Marelli CK Holdings*
Magneti Marelli CK Holdings* will have total revenues of EUR 15.2 billion, creating a top ten global independent automotive components supplier
FCA will enter into a multiyear Supply Agreement with Magneti Marelli CK Holdings*, underscoring the combined entity’s commitment to maintain Magneti Marelli’s operations in Italy and sustain its industrial footprint and employment levels
The new combination will maintain the existing Magneti Marelli operational HQ in Corbetta, Milan
The agreement represents a transaction value of EUR 6.2 billion


October 22, 2018 , London -

Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU/MTA: FCA) announces that it has entered into a definitive agreement (the “Transaction”) to sell its automotive components business Magneti Marelli S.p.A. (“Magneti Marelli”) to CK Holdings Co., Ltd. (“CK Holdings”), a holding company of Calsonic Kansei Corporation (“Calsonic Kansei”), a leading Japanese automotive component supplier. Following the closing of the Transaction, CK Holdings will be renamed as Magneti Marelli CK Holdings*. The combined businesses of Calsonic Kansei and Magneti Marelli will create the world’s 7th largest global independent automotive components supplier based on total revenues.

The agreement represents a transaction value of EUR 6.2 billion. The Transaction is expected to close in the first half of 2019 and is subject to regulatory approvals and other customary closing conditions.

The Transaction represents a unique opportunity to combine two successful businesses to create one of the leading global independent automotive components suppliers, with combined revenues of EUR 15.2 billion (JPY 1,975 billion1). The combination is a decisive step towards both companies’ strategic ambition to become a leading globally-diversified tier-one supplier.

The combined company will be well positioned to serve its customers around the world due to its enhanced scale, financial strength and the highly complementary nature of its combined product lines and geographic footprint. The new entity will operate out of nearly 200 facilities and R&D centers across Europe, Japan, the Americas, and Asia Pacific.

* The legal entity name is subject to shareholder approval.
[1] Exchange rate: EUR 1/ JPY 130

FCA has also agreed to a multi-year Supply Agreement that will further strengthen a mutually beneficial relationship for both Magneti Marelli and FCA’s expanding model range and which will sustain Magneti Marelli's Italian business operations, positioning it strongly for continued growth and success in the future.

The combined company will be led by Beda Bolzenius, currently CEO of Calsonic Kansei, based in Japan. Ermanno Ferrari, CEO of Magneti Marelli, will join the Magneti Marelli CK Holdings* board.

Commenting on the transaction, Mike Manley, CEO of FCA, said: “Having carefully examined a range of options to enable Magneti Marelli to express its full potential in the next phase of its development, this combination with Calsonic Kansei has emerged as an ideal opportunity to accelerate Magneti Marelli’s future growth for the benefit of its customers and its outstanding people. The combined business will continue to be among FCA’s most important business partners and we would like to see that relationship grow even further in the future. The transaction also recognises the full strategic value of Magneti Marelli and is another important step in our relentless focus on value creation.”

Beda Bolzenius, CEO of Calsonic Kansei, said: “Our industry has gone through fierce change in recent years and the phase to come will be even more dynamic. It is exciting to form a strong platform for Calsonic Kansei and Magneti Marelli to work together and create a competitive automotive supplier which is extremely well placed among the global Top Ten. Together, we will benefit from complementary geographic footprints and product lines, while our respective customers will benefit from an increased investment in people, processes and innovative new products.”

Ermanno Ferrari, CEO of Magneti Marelli, said: “This is a transformational day for both Magneti Marelli and Calsonic Kansei, creating as it does a global business of exceptional range, reach, expertise and future prospects. This is a moment of great opportunity for all our people to be part of a secure, growing and independent company of considerable scale that can look to the future with energy, ambition and confidence."

About Calsonic Kansei
Calsonic Kansei is a global manufacturer of a comprehensive product line of auto parts specializing in thermal products, exhaust systems, interiors and electronics. A wholly owned portfolio company of KKR, Calsonic Kansei is headquartered in Saitama, Japan and has recently celebrated its 80th anniversary. It delivered consolidated revenues of EUR 7.7 billion (or JPY 998 billion1) for fiscal year 2017, which ended March 2018.

For additional information about Calsonic Kansei Corporation, please visit Calsonic Kansei’s website at www.calsonickansei.co.jp/english/index.html.

About Magneti Marelli

Magneti Marelli is a leading global automotive components manufacturer founded in 1919 and headquartered in Corbetta, Milan. It specializes in lighting, powertrains, electronics, exhausts, suspensions, shock absorbers, and motorsports. The company has been a subsidiary of FCA and its predecessor companies since 1967. Total revenues for 2017 were EUR 8.2 billion (or JPY 1,066 billion1).

Contact Details:
For FCA and Magneti Marelli – [email protected]

For Calsonic Kansei:
Finsbury – [email protected]
Japan:
Nicola McGowan +81 (0)70 3857 8699
Ayako Okamoto +81 (0)80 9898 5591

For Italian Media:
Community Group
Auro Palomba – [email protected]
Pasquo Cicchini – [email protected], +39 3451462429


* The legal entity name is subject to shareholder approval.
[1] Exchange rate: EUR 1/ JPY 130
 

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Discussion Starter #62
Fiat Chrysler profits hit by charges for diesel probe


Fiat Chrysler profits hit by charges for diesel probe


October 30, 2018


MILAN (AP) — Fiat Chrysler Automobiles said Tuesday its third-quarter profits dropped nearly 40 percent due to a one-off charge to cover possible payments in a U.S. diesel probe involving SUVs and light-duty pickups.

The Italian-American car company reported a net profit of 564 million euros ($641 million), compared with 910 million euros in the same period last year.

The lower profits took into account a 700-million-euro charge to deal with any future settlement over alleged illegal emissions devices in 104,000 U.S.-built Ram pickups and Jeep Grand Cherokees from 2014-2016. It also covers the costs of a software update to bring the vehicles into compliance.

The U.S. Justice Department sued Fiat Chrysler in May 2017 alleging that so-called "defeat device" software in the vehicles allowed them to emit fewer pollutants in lab tests than during normal driving.

In the lawsuit, the government sought civil fines that could total over $4 billion, as well as court orders stopping the company from making or selling vehicles with undisclosed software.

The company has denied deliberate cheating and said the charge was not an admission of liability. Settlement talks continue.

Fiat Chrysler has said it would vigorously defend itself against claims and said the devices are legal to protect engines from damage.

Excluding the charge, Fiat said its adjusted earnings before interest and taxes were a record 1.99 billion euros, while the profit margins in North America reached an all-time high of 10.2 percent, hitting double digits for the first time.


The higher margins reflected the company's transition from building less profitable passenger cars to trucks and SUVs in its U.S. plants.

Overall revenues rose 9 percent, to 28.7 billion euros, on higher combined shipments of 1.12 million vehicles, up from just over 1 million last year, including its joint venture in China.

North American profits counted for the lion's share of earnings, while Asia Pacific and Europe posted losses. The company said it saw lower sales and increased competition in China. In Europe, lower sales of the Fiat brand and pricing pressure due to the transition to a new emission and fuel consumption testing regime took a toll, Fiat said.

CEO Mike Manley said action had already been taken to address the weaknesses in China and Europe. He said the new chief operating officer for Europe, Middle East and Africa, Pietro Gorlier, was bringing a more disciplined approach to the region.

"We expect to see positive developments in our brand and improved margins in the coming quarters, even if this comes at the shorter-term reduction in volumes," Manley said.

Fiat Chrysler's luxury carmaker Maserati also slumped 87 percent to 15 million euros in the period on lower volumes. That was due largely to China, which is responsible for 50 percent of the brand's profits. Manley said the premium marquee brand was hurt by its alignment with Alfa Romeo, which made it appear like a mass market brand.

"This is not a product issue, but a management and focus issue," he said, adding that they will be addressed by Maserati's new boss, Harald Wester "as we get into 2019."

The earnings took into account higher contributions by components maker Magnetti Marelli, which Fiat Chrysler announced this month would be sold to Japanese car parts maker CK Holdings Co. Ltd for 6.2 billion euros.

The deal is expected to close next year, with a portion of the proceeds going to an extraordinary dividend of 2 billion euros. That is in addition to the carmaker's first ordinary dividend of 20 percent of earnings to be paid next spring.

"We feel we have a very loyal bunch of shareholders, and they haven't been remunerated in the past," Manley said, adding that the Magnetti Marelli sale significantly improves the carmaker's balance sheet. "We will for the first time be on level with our peers."
SOURCE
 

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Discussion Starter #63
Rivalta Plant to Become New Mopar Hub

Rivalta Plant to Become New Mopar Hub Serving World Markets
November 14, 2018 , Auburn Hills, Mich. -

The historic Fiat plant in Rivalta, located near Turin in Italy, is set to become one of the Mopar brand’s global parts and distribution centers serving Europe, the Middle East, Africa (EMEA) and additional world markets.

Prompted by the rapid global expansion of Mopar, the service, parts and customer-care brand for FCA vehicles, this project will transform a former vehicle production plant into an innovative, energy-efficient and environmentally sustainable parts and accessories storage and distribution warehouse. The new facility will support over 5,000 locations, significantly improving delivery time to dealerships and workshops, increasing customer service quality as a result.


“As we grow the Mopar brand around the world, customer satisfaction continues to be one of our key global priorities,” said Pietro Gorlier, Global Head of Parts and Service (Mopar) and Chief Operating Officer of the EMEA region. “Delivery of the right part at the right time around the globe is at the core of what we do, so we continue to invest in our more than 50 parts distribution centers worldwide. In the case of Rivalta, we are proud to revive a building with a great industrial legacy and transform it into a state-of the art, forward-looking international parts distribution hub that will serve our markets in Europe and beyond.”

The Mopar brand continues to invest to meet an increasing global demand that saw over 47,000 tons of parts and accessories distributed in the past 12 months in support of more than 7,000 dealers and workshops throughout the EMEA region alone. In Europe, the brand offers a portfolio of more than 260,000 accessories and parts for all FCA vehicle brands. Mopar operates in more than 160 markets and has more than 50 parts distribution centers located in more than 20 countries.

The Rivalta Project

The Rivalta project is set to optimize the Mopar brand’s global operation, with approximately 340,000 square metres of space, of which 40,000 square metres will consist of new buildings. The vehicle storage and dispatch area will be strategically located to allow prompt access to main roads, ensuring significant advantages in terms of parts handling and logistics. By 2020, the new structure will also host the regional headquarters of Mopar.

Acoustics, indoor climate control, furniture design and the natural and artificial lighting of the facility are designed to guarantee the optimum work environment for employees.

The project will implement energy-efficient and environmentally sustainable features, including use of solar panels, fitting rainwater recovery systems and use of eco-friendly materials, in all cases carefully assessing resource life cycles, from production to disposal.

The new parts management warehouses will implement innovative solutions in terms of ergonomics of the work stations used by personnel.

From inception, the facility was designed to achieve the highest level in “World Class Logistics,” a prestigious world certification program with objectives that include the elimination of waste in customer service logistic processes. The Mopar brand was awarded Silver level certification for the facility in 2017 and is the only brand/warehouse in the region to have achieved this recognition.

New Mopar offices at the Rivalta facility add up to approximately 13,000 square metres. The headquarters will contain office space, conference rooms, a cafeteria, restaurants, a conference hall, a large parking area and landscaped outdoor areas available to workers.

The Rivalta plant started operation in 1967 and produced many of Fiat’s most popular models, such as the Fiat 124 Spider, Dino, Ritmo and Bravo.

About Mopar
Mopar (a simple contraction of the words MOtor and PARts) is the service, parts and customer-care brand for FCA vehicles around the globe. Born in 1937 as the name of a line of antifreeze products, the Mopar brand has evolved over more than 80 years to represent both complete care and authentic performance for owners and enthusiasts worldwide.

Mopar made its mark in the 1960s during the muscle-car era, with Mopar Performance Parts to enhance speed and handling for both road and racing use, and expanded to include technical service and customer support. Today, the Mopar brand’s global reach distributes more than 500,000 parts and accessories in over 150 markets around the world. With more than 50 parts distribution centers and 25 customer contact centers globally, Mopar integrates service, parts and customer-care operations in order to enhance customer and dealer support worldwide.

Mopar is the source for genuine parts and accessories for all FCA US LLC vehicle brands. Mopar parts are engineered together with the same teams that create factory-authorized specifications for FCA vehicles, offering a direct connection that no other aftermarket parts company can provide. Complete information on the Mopar brand is available at www.mopar.com.
 

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Discussion Starter #64
Fiat to spend more than 5 billion euros to revamp Italy production

Fiat to spend more than 5 billion euros to revamp Italy production

Fiat Chrysler Automobiles NV will spend more than 5 billion euros (S$7.8 billion) on the carmaker's factories in Italy, shoring up its struggling European business by focusing on more in-demand sport utility vehicles and electric cars.


Nov 29, 2018


[MILAN] Fiat Chrysler Automobiles NV will spend more than 5 billion euros (S$7.8 billion) on the carmaker's factories in Italy, shoring up its struggling European business by focusing on more in-demand sport utility vehicles and electric cars.

The manufacturer's Italian sites for years have struggled to run at full capacity, raising costs. By keeping the factories open and rejigging their output the carmaker may avoid similar political backlash to what General Motors Co is facing after deciding to close several North American plants.

The increased outlay through 2021 will finance Fiat's plan to build a compact Alfa Romeo SUV at the Pomigliano plant, hometown of Italy Deputy Premier Luigi Di Maio, and a battery-powered Fiat 500 in Turin's Mirafiori factory, the company said in a statement, confirming an earlier Bloomberg News story.

In addition, a second model under the Jeep brand will be manufactured in southern Italy to tap into burgeoning demand for SUVs. The investment will allocate more than 11 per cent of Fiat's average 8.7 billion-euro global expenditures on product overhauls and electric cars to Italy.

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Discussion Starter #65
FCA CEO Issues Employee Email on Leadership Changes

FCA CEO Issues Employee Email on Leadership Changes


December 6, 2018 , London - Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA) CEO Mike Manley today issued the following email to FCA employees worldwide:


Dear Colleagues,
As you recall, in early October we announced senior executive changes that underscored the depth of expertise we have leading FCA. That team is now fully engaged across our regions, brands, and functional groups, focused on delivering our five-year business plan commitments. To build on those appointments, today I’m pleased to announce additional changes to our leadership team, effective immediately. These moves help bring critical skills to key roles, including external perspectives to broaden our frame of reference as we continue our relentless pursuit of best practices in everything we do.

Mark Stewart is named Chief Operating Officer (COO) of our North America region. Mark joins us from Amazon, a company known for its culture of innovation, and obsession with delivering incredible value to customers. Most recently Mark served as Amazon’s Vice President of Operations, overseeing customer fulfillment across 200 facilities with 180,000 employees. He led teams focusing on advanced robotics, artificial intelligence and automation methods. Mark also has significant automotive experience, serving as the COO of automotive components supplier ZF TRW. His background is electrical engineering, and over the course of his career, he has been based in the U.S., Belgium, Germany, and China with experiences across production, quality and engineering. Mark will join the Group Executive Council (GEC).

Niel Golightly is named Global Chief Communications Officer. Niel joins our company from Shell Oil Company where he served as the Vice President of External Relations Americas. In that role, he was responsible for developing and leading the implementation of reputation, brand and stakeholder engagement and communication strategies for Shell’s business lines in North and South America. Prior to that, Niel served as global Vice President, Communications and Sustainable Development for Royal Dutch Shell’s worldwide Downstream businesses, based in London. Niel also has substantial experience in the automotive sector, having worked in a number of roles for Ford Motor Company, including Vice President of Public Affairs for Ford of Europe. Niel also will join the GEC.

Mike Keegan is named Chief Audit, Sustainability and Compliance Officer. Mike, who previously served as Global Head of Communications, is replacing Alessandro Baldi who has announced his intent to retire in the first quarter of 2019. During this period, Mike and Sandro will work closely together to ensure a smooth transition. Having worked in a variety of operational and functional leadership roles in our company, I am confident he will work closely with the regions and functional organizations to ensure we are pursuing and achieving best practice methods and tools in compliance and sustainability. Mike continues to serve on the GEC and as the GEC Coordinator.

On behalf of all FCA employees, I would like to thank Sandro for his many years of humble and tireless service to our company. I wish him all the best in his next chapter.

Please join me in congratulating the leaders taking new roles and a big welcome to those joining our organization.

Mike Manley
 

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Discussion Starter #66
FCA Appoints Smiley to Global Purchasing

FCA Appoints Smiley to Global Purchasing and Supply Chain Chief

January 8, 2019 , Auburn Hills, Mich. -

Fiat Chrysler Automobiles N.V. ("FCA") (NYSE: FCAU / MTA: FCA) today announced that effective immediately Carl Smiley is appointed to the new role of Chief Purchasing & Supply Chain Officer. Smiley is also named to the company’s Group Executive Council (GEC), the highest operational body within FCA.

Smiley joins FCA with significant automotive experience, previously serving as Senior Vice President and General Manager Asia Pacific for TE Connectivity since 2012. Prior to that, he held various global leadership roles at Magna Steyr, including Vice President Operations and Purchasing Asia, Magna Powertrain. Most recently, he was President and Board Member, Magna Steyr Asia.

“Carl brings significant global experience to FCA and to the GEC both in an operational capacity and as a proven automotive business leader,” said Mike Manley, Chief Executive Officer (CEO) FCA. “As we take the company into the New Year, we are deepening our bench of executive leaders while broadening the GEC’s purview by adding the supply chain management function.”

Before joining Magna Steyr, Smiley held positions of increasing responsibility in engineering, supplier quality and purchasing at General Motors in the United States, Mexico and China.

Scott Thiele's responsibilities will be expanded as he assumes the role as Head of Supply Chain North America in addition to his current position as Head of Purchasing North America.

“Scott has been pivotal in bringing global consistency to our Purchasing operations over the past few years. Now, he will focus his efforts on driving innovation and intensifying collaboration with our suppliers in the North American region. He also will take the lead on the continued development of our North American supply chain,” said Manley.
 

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Discussion Starter #67
CEO Mike Manley's bumpy first six months at the helm of Fiat Chrysler following Marchionne's unexpected death

Fiat Chrysler CEO Jim Manley plans to expand the company's factory operations to build its popular Jeep SUVs.
Pickups built in a converted factory in Sterling Heights, Michigan, generate a disproportionate share of FCA's earnings.
On well-equipped models, profit margins can run $15,000 or more per truck.



01/21/2019

Even when you're on the fast track, things can move far more quickly than you expect — or so it turned out for Mike Manley.

As head of Fiat Chrysler's Jeep and Ram brands, the 54-year-old Brit was considered the front-runner to replace CEO Sergio Marchionne when he was set to retire in mid-2019. Then came the news last July that Marchionne had passed away following what had been billed as routine surgery. Manley was hurriedly named his replacement.

"It was a shock to the system," Manley said, during a media roundtable at the North American International Auto Show in Detroit this past week. "Even though there had been numerous conversations about succession, it suddenly became a reality," he soberly added during the annual auto show that doubled as his coming-out party as chief executive. "Regardless of the circumstances you're given, you have an obligation to show your leadership."

The transition came at a challenging time for Manley and for Fiat Chrysler. Just the month before Marchionne's unexpected death, the automaker had presented a new five-year plan to analysts and the media during a well-attended session in Milan. Now, Manley would be the one who would have to implement that strategy.

But life in the automotive industry seldom makes it easy to stick with the plan.


Continued HERE
 

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Discussion Starter #68
Fiat Chrysler Automobiles (NYSE:FCAU) Issues Quarterly Earnings

Fiat Chrysler Automobiles (NYSE:FCAU) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Feb 24th, 2019


Fiat Chrysler Automobiles (NYSE:FCAU) issued its earnings results on Thursday, February 7th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.03, Bloomberg Earnings reports. Fiat Chrysler Automobiles had a net margin of 3.15% and a return on equity of 21.83%. The firm had revenue of $30.62 billion during the quarter, compared to the consensus estimate of $29.94 billion. During the same quarter in the previous year, the firm posted $0.70 earnings per share. The company’s revenue was up 6.0% compared to the same quarter last year. Fiat Chrysler Automobiles updated its FY19 guidance to at least EUR2.70 EPS and its FY 2019 guidance to $3.05 EPS.

Shares of Fiat Chrysler Automobiles stock opened at $14.79 on Friday. Fiat Chrysler Automobiles has a 12-month low of $14.01 and a 12-month high of $24.41. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.86 and a quick ratio of 0.58. The stock has a market capitalization of $28.83 billion, a price-to-earnings ratio of 3.91, a P/E/G ratio of 0.55 and a beta of 1.91.

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Discussion Starter #69
Salaried Employee 401(k) Plan Earns Best-in-Class Award

FCA US Salaried Employee 401(k) Plan Earns Plan Sponsor Magazine’s Annual Best-in-Class Award

One of 36 winning 401(k) plans recognized nationally from nearly 4,000 applicants
Only automaker on the list of winning 401(k) programs
Part of the Company’s Financial Fitness initiative to help employees build and maintain a secure financial future for themselves and their families


March 12, 2019 , Auburn Hills, Mich. -

Plan Sponsor magazine has selected the FCA US LLC Salaried Employee Savings 401(k) Plan as a winner of its annual “Best-in-Class” Award.

FCA US was among 36 companies to achieve this prestigious benchmark. The magazine considered applications from nearly 4,000 companies in making its selections.


FCA US is the only automaker on the list of selected programs.

“FCA US is committed to helping our employees improve their financial fitness,” said Maria Darbonne, Manager, Savings Plans, FCA US LLC. “Our 401(k) plan is the centerpiece of a robust Financial Fitness initiative that includes student loan refinancing and other programs and information resources to help our employees build and maintain a secure financial future for themselves and their families.”

Plan Sponsor magazine made its selections through a proprietary system that weighted usage/implementation of more than 30 criteria related to plan design, oversight, governance and participant outcomes.

Features of the FCA US 401(k) plan include:

Immediate eligibility for all employees including automatic enrollment and automatic escalation features
A company matching contribution equal to $.50 of every dollar contributed up to 10% of deferred pre-tax base pay or a Roth, with immediate 100% vesting
A 3 percent (of base pay) unmatched Company contribution with a three-year vesting schedule
Twelve target date funds and 12 core menu investment fund options
A self-directed brokerage window and a managed account feature – both at no cost to the employee.

FCA US continued its tradition as a leader in providing attractive, innovative benefits to employees in January when it added a student loan refinancing program to its package of benefits offered to salaried employees. The program is being offered in partnership with CommonBond for Business, the student loan benefits product from financial technology company CommonBond.

FCA US salaried employees with student debt, as well as employees with federal government-backed Parent PLUS loans, are eligible to refinance these loans through the program with preferred terms.

The Company’s 401(k) plan and student loan refinance program are part of its Financial Fitness initiative that provides programs and information resources to help employees take control of their financial wellness.
 

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Discussion Starter #70
Fiat Chrysler, Ferrari renew job contracts for Italy workers

Fiat Chrysler, Ferrari renew job contracts for Italy workers

The agreement, which will run until 2022, includes a 2 percent salary increase per year and a boost to the annual performance-based bonus linked to achieving productivity and efficiency goals.

March 12, 2019

MILAN: Fiat Chrysler (FCA) has reached an agreement with trade unions to renew the contract for 66,000 of its workers in Italy, the Italian-American carmaker said on Monday.

The agreement, which will run until 2022, includes a 2 percent salary increase per year and a boost to the annual performance-based bonus linked to achieving productivity and efficiency goals.

FCA said in November it would spend more than 5 billion euros ($5.61 billion) on new models and engines in Italy over the next three years to try to make better use of factories and boost jobs and margins.

In a separate note, luxury group Ferrari said it had also signed an agreement with unions to renew its contract for all workers in Italy until 2022.

SOURCE
 

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Discussion Starter #71
FCA Completes Sale of Magneti Marelli


FCA Completes Sale of Magneti Marelli to Calsonic Kansei


May 2, 2019 , London -

Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU/MTA: FCA) today announced the completion of the sale of its automotive components business Magneti Marelli S.p.A. to CK Holdings Co., Ltd., the holding company of Calsonic Kansei Corporation, a leading Japanese automotive component supplier. In connection with the closing, FCA received cash consideration of approximately €5.8 billion[1].

“We thank Magneti Marelli’s employees for their dedication to providing innovative products while supporting FCA business objectives,” said FCA CEO Mike Manley. “FCA remains committed to Magneti Marelli, with the new company continuing as a key supplier, and I am confident that this transaction secures a strong future for their employees and other stakeholders. This sale also recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio.”

FCA also announced that its Board of Directors approved today an extraordinary cash distribution to the holders of FCA common shares of €1.30 per share, corresponding to a total distribution of approximately €2 billion from the net proceeds of this transaction.

The extraordinary cash distribution calendar for both NYSE and MTA is: ex-date May 20, 2019; record date May 21, 2019; payment date May 30, 2019.

[1] Consideration adjusted based on Magneti Marelli’s estimated financial position as of the closing date, subject to final closing balance sheet.

About FCA N.V.

Fiat Chrysler Automobiles (FCA) is a global automaker that designs, engineers, manufactures and sells vehicles in a portfolio of exciting brands, including Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep®, Lancia, Ram and Maserati. It also sells parts and services under the Mopar name and operates in the components and production systems sectors under the Comau and Teksid brands. FCA employs nearly 200,000 people around the globe. For more information regarding FCA, please visit www.fcagroup.com.
 

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FCA Names Davide Grasso Chief Operating Officer of Maserati;
Harald Wester Appointed Executive Chairman of Maserati, Expands CTO Responsibilities

07/05/2019


Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU/MTA: FCA) today announced two moves in its leadership team. Davide Grasso, former Chief Executive Officer (CEO) of NIKE’s Converse, joins FCA and is named Chief Operating Officer (COO) of Maserati. Grasso also is appointed to the Company’s Group Executive Council (GEC).

While at Converse, Grasso engineered that iconic brand for long-term sustainable growth. His previous experience includes a string of successes at NIKE, where he served in numerous leadership positions, including Chief Marketing Officer for the Nike brand.

In a related move, Harald Wester assumes the role of Executive Chairman of Maserati. In addition, his responsibilities as Chief Technical Officer (CTO) expand to include global powertrain along with global vehicle engineering for the Group.

In his expanded role, Wester will oversee all product development and engineering for the Group’s ongoing new product strategy, including the expansion of its internal combustion and hybrid/electric powertrain offerings. As Executive Chairman of Maserati, Wester maintains strategic involvement in that historic brand and will oversee all technical and industrial areas.

"With Davide’s arrival, we continue to round out FCA’s senior leadership team with world class talent,” said Mike Manley, CEO, FCA. “He brings a wealth of brand expertise to one of the most historic marques in the automotive world. Davide and Harald will build on the work that’s already underway to rejuvenate Maserati worldwide; and Davide will be a valuable advisor to the GEC on brand matters across the FCA portfolio.

"The expansion of Harald’s CTO role will further accelerate our progress in powertrain development and drive the integration of market leading technologies into our brands. Combining vehicle and powertrain engineering under one of the industry’s most respected technology leaders will streamline the delivery of our product strategies,” said Manley.

Grasso said, "Joining Maserati at such a transformational time is an extraordinary opportunity that speaks to my passion for cars, great brands and my personal Italian heritage. Working with Mike Manley, Harald Wester and the rest of the FCA team will be a privilege. I’m honored to be joining FCA at such a defining and transformative moment for the company and the industry."

Wester said, "This is a fundamental step in the growth of Maserati both for its technological development and for brand expansion and for this I’m excited to work with Davide. I’m honored to take the lead of global powertrain for the Group in this challenging period. The combined vehicle and powertrain teams will speed up the development and integration of world class propulsion systems.”

About FCA N.V.
Fiat Chrysler Automobiles (FCA) is a global automaker that designs, engineers, manufactures and sells vehicles in a portfolio of exciting brands, including Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep®, Lancia, Ram and Maserati. It also sells parts and services under the Mopar name and operates in the components and production systems sectors under the Comau and Teksid brands. FCA employs nearly 200,000 people around the globe. For more information regarding FCA, please visit www.fcagroup.com.
 
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