Fiat Industrial

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Fiat Industrial S.p.A.
Former type Società per azioni
Traded as BITFI
Industry Heavy equipment
Successor(s) CNH Industrial
Founded July 2010 (incorporated)
Defunct 29 September 2013
Headquarters Turin, Italy
Key people Sergio Marchionne (Chairman)
Products Trucks, construction and agricultural machinery, industrial and marine powertrains
Revenue Increase 25.8 billion (2012)[1]
Operating income Increase €2.1 billion (2012)[1]
Profit Increase €921 million (2012)[1]
Employees 68,257 (end 2012)[1]
Subsidiaries CNH Global (87.4%), Iveco, FPT Industrial
Website www.fiatindustrial.com

Fiat Industrial S.p.A. was an Italian company into which Fiat S.p.A. (parent company of Fiat Group) demerged most of its activities not directly related to automobiles at the start of 2011.[2] Fiat Industrial served as a holding company for the activities of truck manufacturer Iveco; an 89.3% stake in the agricultural and construction equipment producer CNH Global; and FPT Industrial, which consists of the industrial and marine activities formerly part of Fiat Powertrain Technologies. The company's Chairman was Sergio Marchionne, who also serves as CEO of Fiat S.p.A. and Chairman/CEO of Chrysler Group LLC[3]

On 1 January 2011, each existing share of Fiat S.p.A. was converted into one Fiat share and one Fiat Industrial share. This resulted in Exor (the holding company controlled by the Agnelli family), the largest shareholder of Fiat with a stake of around 30%, holding an equivalent stake in Fiat Industrial.[4] Exor has however raised the possibility of the future sale of some of its stake.[5]

In September 2011, the company entered the DJSI World and Europe indexes as leader in the Industrial Engineering sector.

On 29 September 2013, CNH Global N.V. and Fiat Industrial S.p.A. were merged into CNH Industrial N.V., a company incorporated in the Netherlands. Fiat Industrial shareholders received one CNH Industrial common share for every Fiat Industrial share held and CNH Global shareholders received 3.828 CNH Industrial common shares for every CNH Global common share held. CNH Industrial N.V. was subsequently listed on both the NYSE and the Milan stock exchange (Mercato Telematico Azionario. For additional information, see CNH Industrial N.V.[6]

References[edit]

  1. ^ a b c d "Annual Report 2012". Fiat S.p.A. 
  2. ^ Simpson, Ian; Jewkes, Stephen (31 December 2010). "FACTBOX-Fiat splits off industrial holdings". Reuters. Retrieved 31 December 2010. 
  3. ^ Michelson, Marcel (April 21, 2010). "WRAPUP 5-Fiat to demerge autos, industrial activities". Reuters. Retrieved May 11, 2010. 
  4. ^ Hutton, Ray (April 25, 2010). "Fiat crowns new emperor John Elkann". The Times (London: Times Online). Retrieved May 11, 2010. 
  5. ^ "Fiat ‘Doesn’t Need’ Partners Beyond Chrysler, Elkann Says". Bloomberg. 29 April 2010. Retrieved May 11, 2010. 
  6. ^ "Combination between Fiat Industrial S.p.A. and CNH Global N.V.". 30 September 2013. Retrieved 2 January 2014. 

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