Fiat and GM Sign Separation Agreement
05-16-2005, 11:22 AM
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Fiat and GM Sign Separation Agreement
Amsterdam, Detroit, Turin, May 13th, 2005 – Fiat S.p.A. (NYSE: FIA) and General Motors Corp (NYSE: GM) today signed in Amsterdam a separation agreement which dissolves the purchasing and powertrain joint venture companies formed in 2000. The formal unwinding of Fiat-GM Powertrain and GM-Fiat Worldwide Purchasing was executed as scheduled by Fiat and GM in an earlier agreement.
According to the Termination Agreement, signed in New York City on February 13th, 2005, GM has completed the payment to Fiat as provided in the earlier agreement.
Fiat and GM regain ownership of all assets they respectively contributed to the powertrain joint venture when it was formed.
Fiat and GM have also signed cross-supply agreements for engines and transmissions both in Europe and Latin America. The companies also agreed to establish procedures aimed at enhancing the savings on jointly developed vehicle architectures.
Other ancillary agreements address the joint ownership of intellectual property, for example, the joint ownership of 1.9 liter diesel engine technology. Fiat and GM each maintain a 50 percent interest in the powertrain manufacturing plant in Bielsko-Biala, Poland, which currently produces the 1.3 diesel engine and under a new joint venture agreement the companies will continue to operate the facility as a 50/50 joint venture.
According to the Termination Agreement, signed in New York City on February 13th, 2005, GM has completed the payment to Fiat as provided in the earlier agreement.
Fiat and GM regain ownership of all assets they respectively contributed to the powertrain joint venture when it was formed.
Fiat and GM have also signed cross-supply agreements for engines and transmissions both in Europe and Latin America. The companies also agreed to establish procedures aimed at enhancing the savings on jointly developed vehicle architectures.
Other ancillary agreements address the joint ownership of intellectual property, for example, the joint ownership of 1.9 liter diesel engine technology. Fiat and GM each maintain a 50 percent interest in the powertrain manufacturing plant in Bielsko-Biala, Poland, which currently produces the 1.3 diesel engine and under a new joint venture agreement the companies will continue to operate the facility as a 50/50 joint venture.
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