Chrysler 2000 Annual Report Download - page 65

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DATI SIGNIFICATIVIHIGHLIGHTS
Domenico Bordone,
Magneti Marelli’s Chief Executive Officer.
(in millions of euros) 2000 1999 1998
Net revenues 4,451 4,062 3,793
Operating income 55 108 56
As a % of revenues 1.2 2.7 1.5
Income before minority interest 139 107 21
Cash flow 353 310 254
Capital expenditures 231 209 222
Research and development 213 185 195
Net invested capital 1,131 1,289 1,270
Number of employees 25,975 25,613 29,398
Revenues by geographical region
of destination
Employees by geographical region
21%
44%
35%
29%
43%
28%
Italy Rest of Europe Rest of the world
Components – MAGNETI MARELLI
Magneti Marelli was founded in 1919 by Fiat and Ercole
Marelli. In 1967, Fiat took over this company, transforming
it into a global center for the production of automotive
components.
OPERATING PERFORMANCE
Worldwide sales of automobiles and commercial vehicles
increased in 2000, with moderate gains in Europe, healthy
demand in the NAFTA countries and sharp gains in South
America. Global production of industrial vehicles improved
moderately over 1999, as a positive performance by the
markets in Europe, Asia and South America offset a slump
in the NAFTA region.
In 2000, Magneti Marelli carried out major corporate
transactions and implemented ambitious restructuring
programs intended to renew the focus on its core businesses,
helping them accelerate their growth and optimize their
organizational processes.
Major transactions carried out to streamline the Sector’s
portfolio of businesses included:
❚Acquisition of the Seima Group, the leading European
producer of headlights, which will enable Magneti Marelli
to consolidate its position as a global supplier of automotive
lighting systems.
The Seima Group has manufacturing facilities in Italy,
France, Spain, Russia and Mexico, and
technical/commercial centers in Germany and the United
States. It is a supplier to all major international carmakers
and is considered a benchmark producer in terms of
technological innovation.
❚In Italy, purchase of Fiat Auto’s suspensions units in
Cassino, Termini Imerese and Melfi, a transaction that
enabled Magneti Marelli to develop a national manufacturing
network in this business segment.
❚Disposal of non-core assets, including the Fuel Systems,
Mechanical Components, Rearview Mirrors and Lubricants
Divisions and conclusion of an agreement with Denso,
a Japanese group, for the sale of the Climate Control
operations, which will be finalized during the first half
of 2001.
In 2000, Magneti Marelli booked major orders in the areas
of Powertrain Systems, Electronic Systems and Interior
Systems.
In another area, the Automotive Lighting joint venture will help
the Sector increase its competitiveness and strengthen its
position as one of the top three producers of components
in the world.