Chrysler 2000 Annual Report Download - page 46

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Report on operations – Significant Events Occurring since the End of the Fiscal Year
The most important transactions completed by the Fiat
Group in the early months of 2001 are reviewed below:
❚As part of its strategy to develop a carefully focused
range of products, Magneti Marelli agreed to sell to Denso
Corporation of Japan its Climate Control Division, which
had been operating as a joint venture since 1990. The price
of this transaction was about 500 million euros. Under the
agreement, which the Sector will sign by the end of March,
Magneti Marelli will continue to market the products
manufactured by this Division through its aftermarket
distribution network.
❚Also in March, ThyssenKrupp Automotive agreed in principle
to acquire Magneti Marelli’s Suspension Systems and
Shock Absorbers operations. The preliminary agreement
calls for ThyssenKrupp Automotive to purchase a 51%
interest in these businesses and for Fiat and ThyssenKrupp
Automotive to hold a put/call option on the remaining 49%,
exercisable beginning in 2004. This transaction, which must
be approved by the antitrust authorities, is valued at about
450 million euros. The price may increase to a maximum
of 550 million euros, depending on the results produced
over the next three years.
❚CNH Global entered into an agreement with two Japanese
companies — Kobe Steel and Kobelco Construction
Machinery — establishing a global alliance in the field of
construction equipment. The alliance provides for joint
activities for the marketing, development and production
of crawler excavators worldwide. Following this transaction,
a mutual agreement was reached with Hitachi to end the
European alliance set up in 1987.
❚At the end of March, the Group sold its remaining 49%
interest in Alstom Ferroviaria (formerly Fiat Ferroviaria)
at a price of about 150 million euros.
❚Comau completed the acquisition of Germann-Intec
GmbH & Co. KG. This German company, which specializes
in the industrialization and engineering of automotive
products, employs almost 300 technical specialists in six
offices located on the premises of its principal customers.
In 2000, it had revenues of about 30 million euros.
❚In March 1, at the Geneva Motor Show, Fiat and Lancia
staged the world launch of the Stilo, Fiat’s new entry in the
intermediate-compact segment, and of the Thesis, Lancia’s
new flagship car.
❚In January, at the 79th Annual Commercial Vehicles Show,
Iveco presented to customers worldwide its EuroStar
wheeled tractors, which can be equipped with the Euro
3 (480 bhp) version of the new Cursor 13 engine, and
Significant Events Occurring since the End of the Fiscal Year