Fiat Group now owns all of VM Motori S.p.A., after acquiring General Motors’ holdings in the diesel engine maker for EUR34.1 million ($47.1 million). A Chrysler spokesman said the acquisition of the remaining stake from GM was completed on October 28. Fiat acquired half of VM Motori in 2010. GM exercised a put option allowed under its agreement with Fiat to complete the sale.
Established in 1947, VM Motori builds and supplies diesel engines for various vehicle models like Chrysler’s Ram 1500 and Jeep Grand Cherokee in the U.S. Chrysler started selling the diesel Grand Cherokee in the US this fall and will roll out the diesel Ram 1500 later. According to Chrysler executives, they are planning to gauge consumer interest in diesel Ram 1500 and diesel Grand Cherokee to decide whether to fit diesel engines in other vehicles in its lineup.
VM Motori also builds and supplies advanced diesel engines for marine, industrial and other uses. VM Motori' operates a 85,000-square meter site in Cento, Italy that employs around 1,150 people and builds around 90,000 engines annually.