Turin

Fiat Industrial merger with CNH Global announced

'This is a new industrial era' says Marchionne

Fiat Industrial merger with CNH Global announced

Turin, July 9 - Fiat CEO Sergio Marchionne on Tuesday announced the official merger of Fiat Industrial and tractor giant CNH Global NV. "The merger represents the beginning of a new industrial era for the Fiat Group," said Marchionne, speaking before plant workers in Val di Sangro, central Italy. The new company, based in the Netherlands, is called CNH Industrial NV. Shares will trade in New York and eventually in Milan. The merger will be completed by September this year, according to the companies. Fiat Industrial is a separate entity from Fiat's automotive division. At the start of 2011 Fiat spun off Fiat Industrial to hold its non-automotive activities, which include the production of trucks, commercial vehicles and buses, under the Iveco marque, as well as the non-automotive sector of its Powertrain subsidiary that develops engines and transmissions.

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