This will hit close to home because the Saturn Sky uses parts from Fiat.
General Motors Corp (NYSE: GM) and Fiat S.p.A. (NYSE: FIA) today announced they have executed an agreement to terminate the Master Agreement between the companies and realign their industrial relationships. The boards of directors of both GM and Fiat have approved the settlement agreement.
GM will acquire certain strategic assets from Fiat to assure the future availability of a full range of diesel engines for vehicles produced by GM's global operations.
"GM and Fiat have agreed that it is in the best interest of their companies and shareholders to terminate the Master Agreement," said GM Chairman and Chief Executive Officer Rick Wagoner. "GM has derived significant benefits from its association with Fiat Auto, including the accelerated development of diesel engines, cost savings and the joint development of certain vehicle programs. With this settlement, our overall financial returns will have been favorable.
"We believe that we have reached a fair and equitable agreement that enables both companies to maintain a high level of synergy savings, but in a more focused approach that gives each of us more freedom to act in today's competitive environment," Wagoner said.
Under terms of the agreement, GM will pay Fiat €1.55 billion to terminate the Master Agreement (including the put option) and to acquire an interest in key strategic diesel engine assets, and other important rights with respect to diesel engine technology and know-how. GM will return its 10 percent equity interest in Fiat Auto Holdings to Fiat S.p.A.
The most significant elements of the settlement agreement are as follows:
The Fiat-GM Powertrain (FGP) joint-venture company will be dissolved and GM will regain complete ownership of all GM assets originally contributed. During a transition period, FGP will continue to supply both companies so that their respective operations will not be disrupted;
GM will co-own with Fiat key powertrain intellectual property, including the SDE and JTD diesel engines and the M20-32 six-speed manual transmission;
GM will acquire a 50 percent interest in a new joint venture limited to operating the powertrain manufacturing plant in Bielsko-Biala, Poland, that currently produces the 1.3 liter SDE diesel engine;
The GM-Fiat Worldwide Purchasing joint venture will be dissolved.
The companies will continue to generate joint cost savings in several key areas, including:
Long-term agreements to supply each other with powertrains;
Continued cooperative development of certain vehicle programs;
Through Fiat's participation in GM's purchasing alliance program.
GM will take an after-tax charge to earnings of approximately US$840 million, or $1.49 per fully diluted share.
>>>For Sale? Clicky!<<<
-----The orginal Mr.Goodwrench on the JBO since 11/99-----
I didnt even know they were with FIAT gm has a steak in just about everything
1989 Turbo Trans Am #82, 2007 Cobalt SS G85
*cough* they also own 49% off Subaru *cough*
I ain't callin u a gold digga,but you ain't messin wit a broke cracka
thats kinda obvious with the saab 9-2 wagon
They need to finish the take over of Subaru so I can use my GM card on a WRX or STI too.
If GM and microsoft merged they could take over the world....again.
Mwhahahaha. I am the new Bob Lutz/Bill Gates, I am Bob Gatez.
I hope to god GM doesnt take over Subaru....unless they keep ALL aspects of the Subaru intact...
Anthony Harris wrote:I hope to god GM doesnt take over Subaru....unless they keep ALL aspects of the Subaru intact...
They will soon enough................hell I have faith they will take over the world.....and what a great world it would be.
I ain't callin u a gold digga,but you ain't messin wit a broke cracka
eCOfIRE .cOM wrote:Anthony Harris wrote:I hope to god GM doesnt take over Subaru....unless they keep ALL aspects of the Subaru intact...
They will soon enough................hell I have faith they will take over the world.....and what a great world it would be.
scary. it will be a poorly engineered and built world. full of rattles and spun rod bearings.
"Formerly known as Jammit - JBO member since 1998" JBOM | CSS.net
they own only 20% of subaru
Don't always listen to GM Goodwrench
http://features.conceptcar.co.uk/gm2001/alliances.php
Right now at the GM plant that I work at we are building the Isuzu Assender, and we are in preperation of the Saab 9-7x Along with the Chevy Trailblazer, GMC Envoy, GMC Envoy Denali, Buick Rainer.
^^Update your 2001UK information...
I will look in my files for this.
>>>For Sale? Clicky!<<<
-----The orginal Mr.Goodwrench on the JBO since 11/99-----
damn that is 2001 the link I seen said feb 19th 2005
I thought that the Isuzu was way off
GM just made a deal with them last year Giving Isuzu $500 million and a chunk of the share of the company back. In Return GM gained Control of all of the Diesel plants in North America and Poland.
"themarin8r" is one that is correct on this. Since 1999 GM owns 20% of Fuli industries (Subaru). The 49% is Isuzu. C&D did an article on this with all the mergers sometime ago and there it said GM owned 49% of Subaru. They were wrong.
>>>For Sale? Clicky!<<<
-----The orginal Mr.Goodwrench on the JBO since 11/99-----
Mr.Goodwrench-G.T. wrote:"themarin8r" is one that is correct on this. Since 1999 GM owns 20% of Fuli industries (Subaru). The 49% is Isuzu. C&D did an article on this with all the mergers sometime ago and there it said GM owned 49% of Subaru. They were wrong.
Hey I will look into this a little more but the 49% maybe something to do with a certain project and not Subaru as a whole. Like if GM had 49% stake in the Subaru Outback.
GM is with Subaru for their AWD and GM is with SAAB for their Turbo's lol
themarin8r wrote:NfamousZ24 wrote:Mr.Goodwrench-G.T. wrote:"themarin8r" is one that is correct on this. Since 1999 GM owns 20% of Fuli industries (Subaru). The 49% is Isuzu. C&D did an article on this with all the mergers sometime ago and there it said GM owned 49% of Subaru. They were wrong.
Hey I will look into this a little more but the 49% maybe something to do with a certain project and not Subaru as a whole. Like if GM had 49% stake in the Subaru Outback.
GM is with Subaru for their AWD and GM is with SAAB for their Turbo's lol
GM owns Saab
Umm where have you been lol
I am building the Saab 9-7x right now at the GM Moraine Assembly plant
http://www.forbes.com/2002/12/02/cx_jf_1202flint.html
no i was telling you that
cuz the way you said that they were with Saab for their turbos was like they were in a partnership with Saab much like Subaru
No No No I know GM owns Saab didn't, I just post that earlier. LOL
But really GM bought Saab for their Turbos
Just like GM bought Daewoo for the South Korean market.
JAMMIT wrote:eCOfIRE .cOM wrote:Anthony Harris wrote:I hope to god GM doesnt take over Subaru....unless they keep ALL aspects of the Subaru intact...
They will soon enough................hell I have faith they will take over the world.....and what a great world it would be.
scary. it will be a poorly engineered and built world. full of rattles and spun rod bearings.
no $*i+, what a load of crap most GM cars are, and the service techs haven't got a clue how to fix 'em
Movin' on...
Oh and Fiat stands for Fix It Again Tomorrow, don't ya know
Ha ha ha, Mustang rules!
