Bigger and bigger

Bigger and bigger

Fiat is moving ahead with the integration of Progressive Tools and Industries Co. (PICO), the leader in the USA in the production of car body assembly systems. The operation is costing Fiat about $350 million for 100 per cent of the stockholders' equity and Fiat has also taken on PICO debt of about$280 million. By virtue of the good geographical split between PICO and Comau,Fiat's existing car production system company, Fiat will enjoy a broad and well-balanced portfolio of customers split approximately 50 per cent in the USA and 50 per cent in Europe and the rest of the world. The new company will be active in body assembly and pressing systems, handling and mechanical assembly systems, product process engineering as well as production system maintenance services. The board also authorised a public tender for all Comau shares not already in Fiat's hands - to acquire 100 per cent ownership. Total control is necessary to provide accelerated integration and maximum flexibility.