Chrysler 1999 Annual Report Download - page 14

12
HIGHLIGHTS OF THE YEAR
With the acquisition of Progressive
Tools and Industries Co. (Pico),
the leading U.S. manufacturer of
bodywork systems, the Company
created the world’s largest group in
the area of production systems for
automotive applications.
Pico acquisition
Starting on January 1, 1999, all
Group companies located in euro-bloc
countries, except for insurance
companies and certain companies which
joined the Group during the year,
adopted the euro as their reporting
currency and made the necessary
accounting and procedural changes.
In particular, the capital stock of the
various companies was converted into
euros and the par value of the respective
shares redenominated accordingly.
In its transactions with customers
and suppliers, the Company is handling
the transition to the euro in a gradual
and flexible manner, mindful of the
general principle of “no obligation,
no prohibition.” A significant number
of the Group’s suppliers have already
switched to the euro.
Transition to the Euro
In 1999, Fiat S.p.A. launched a Tender Offer
for all the ordinary shares of Comau S.p.A.
at a price of 6.5 euros per share. At December
31, 1999, following this offer, Fiat S.p.A. held
96.49% of Comau’s capital stock. A similar
offer was carried out for the preference and
savings shares of Toro Assicurazioni, at a
price of 9 euros per share. At December
31, 1999, upon completion of the offer
process, Fiat S.p.A. owned 75.21% of
Toro’s capital stock.
The Toro Assicurazioni and Comau Tender Offers
Lancia Lybra
With the acquisition of Case Corporation,
CNH Global NV (formerly New Holland NV)
became a world leader in the production of
agricultural and construction equipment.
Case Corporation acquisition
The first car registered in the year 2000 was a Ferrari, in New Zealand.
To be precise, it was a Maranello 550 and its owner, Greg Lancaster,
took advantage of the Australian time zone to secure a very special
plate: Y2K550, where Y2K stands for the year 2000. The Group
was successful in overcoming the challenge posed by the transition
to the year 2000. The special task force created in 1997 carried
out the programs needed to update the Group’s internal systems
and implemented preventive measures that addressed the risks
presented by external transactions.
Year 2000
CiaoWeb is the CIAOHOLDING internet portal (a joint venture which is owned
in equal shares by Fiat and Ifil) which has among its purposes the creation of
an online channel to promote the products and services offered by the Fiat
Group, Ifil and their sales organizations. At the same time, CiaoWeb collaborates
with external partners who can help it increase the range and depth of its
e-commerce lineup. CiaoWeb was launched on December 18, 1999. By March
of this year, 115,000 subscribers were using its free Internet service, with
400,000 page hits a day. CIAOHOLDING also coordinates investments in
venture capital funds that specialize in e-commerce, and provides professional
Internet services (Web Hosting, Web Design, Virtual Internet Service Provider).
CiaoWeb
Iveco acquired Fraikin,
a leading French
provider of long-term
leasing services for
commercial vehicles
and other services
of fleet management.
Acquisition
of Fraikin Following the successful
conclusion of the great Maya
exhibit, which drew 700,000
visitors before being moved to
Mexico City, over 200 Renaissance
masterpieces were exhibited at
Palazzo Grassi in Venice. The
paintings, prints and drawings,
contributed by about one hundred
museums and public and private
collections, attracted 215,000
visitors.
The Renaissance at Palazzo Grassi
Daily City Camion
In May, Iveco introduced its new Daily City Camion. With a cargo
bay wide enough for a truck and the flexibility of an automobile,
this commercial vehicle is ideally suited for urban distribution and transport
applications. The Daily City Camion is available in a broad range of specific
configurations and is offered with a wealth of optional equipment, allowing
buyers to choose from 3,000 possible solutions. Thanks to these innovative
features, the Daily City Camion has been named Van of the Year 2000.
The new Fiat Punto was introduced a month later.
The two versions of this new model are two distinct
automobiles, each with its own personality: a hatchback
with dynamic styling and aggressive performance,
and a 5-door with a more elegant design that
emphasizes interior roominess.
New Fiat Punto
The Lancia Lybra, available as
a sedan and a station wagon,
made its debut in June 1999.
This understated and refined
car has been designed from the
inside out, with the goal of
providing maximum ride comfort.
The World Constructors’ Championship is awarded to the team
that earns the most points during the season. Even though Michael
Schumacher was sidelined for six races, Ferrari prevailed with
the 128 points won by its drivers as follows: Irvine 74, Schumacher
44, and Salo 10. The championship returned to Maranello after
sixteen years.
Ferrari wins the 1999 Constructors’ Championship