Italy to invest 450 million euros in Fiat Sicily plant
By Andrew C., 26 Aug, 2010. 0 Comments
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To convert Fiat SpA's Termini Imerese auto plant in Sicily, Italy is willing to pour in a 450 million euros ($614.3 million) investment, Industry Minister Claudio Scajola told the Senate last Wednesday. Scajola said that he wanted the plant to stay in the auto sector but that there were 14 proposals of various types for the site. In particular, he said that keeping the jobs and saving the industrial presence in Sicily cannot be ignored. Fiat CEO Sergio Marchionne has revealed that the Termini Imerese will be closed in 2011 because it is too expensive to run. The Lancia Ypsilon small car is produced in that factory. Fiat has plans to produce the Ypsilon's replacement, due in 2011, at its Tychy plant in Poland. Nonetheless, Fiat has expressed its willingness to hand over the plant for free to any serious business activity that would preserve jobs. There is a proposal by Cimino & Associates Private Equity and India electric car maker Reva to build electric cars in the factory. Reva manufactures the G-Wiz electric car, which is sold in the UK.
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