FCA enters into €6.3 billion credit facility with Intesa Sanpaolo, supporting the restart and transformation of Italy’s a...
24 Juni 2020 - 09:39PM
FCA enters into €6.3 billion credit
facility with Intesa Sanpaolo, supporting the restart and
transformation of Italy’s automotive sector
- FCA Italian companies confirm commitment to implement
extensive investment plan for Italy, most of which has already been
initiated.
- New initiatives include development of the new hybrid
engine module at Termoli, which will equip the Jeep Renegade, Jeep
Compass and Fiat 500X produced at Melfi.
FCA Italy S.p.A. ("FCA" or
"the Company") - a wholly owned subsidiary of Fiat
Chrysler Automobiles N.V. (NYSE:FCAU / MTA:FCA) - and other Italian
companies in the FCA Group announce that they have signed a 3-year,
€6.3 billion credit facility with Intesa Sanpaolo, Italy’s largest
banking group, the proceeds of which will be dedicated exclusively
to FCA’s activities in Italy and to support the more than 10,000
small and medium enterprises that make up the Italian automotive
sector. The facility will be guaranteed by FCA N.V.
The facility will be 80% guaranteed by SACE,
Italy’s Export Credit Agency, under the Italian Government’s
Liquidity Decree (“Decreto Liquidità”), as
overseen by the Ministry of Economy and Finance - MEF, and the
Ministry of Economic Development – MISE. The funds under the
facility will be available upon issuance of the SACE guarantee.
Under the facility’s innovative mechanism –
which provides a potential model for assistance to other business
sectors in Italy – all disbursements from the credit facility will
be managed through dedicated accounts opened with Intesa Sanpaolo
for the purpose of providing liquidity to FCA’s business in Italy
and to its Italian suppliers, thereby supporting the restart of
industrial production in Italy and the continuation of key
investment projects at the Group’s Italian plants and
suppliers.
The Italian automotive ecosystem is one of the
country's globally recognized areas of strength, as well as being
one of the largest areas of specialized industrial and commercial
know-how in Europe. The sector is the largest investor in research
and innovation in the country and, as such, fundamental to Italy’s
future economic competitiveness in an era characterized by rapid
technological change. The automotive sector accounts for
approximately 6.2% of Italian GDP and some 7% of all manufacturing
sector employment.
FCA Italy and the Italian companies of the FCA
Group have confirmed their commitment to implement their extensive
investment plan for Italy, most of which has already been initiated
in plants nationwide, that is at the heart of the Italian
automotive sector’s transformation towards a low emission,
hybrid/electric-powered and connected future.
As part of that plan, FCA Italy recently started
production of the all-new Fiat 500 electric in Turin and the Jeep
Renegade and Jeep Compass plug-in hybrids in Melfi, and development
has been completed and production is due to start for the all-new
Maserati MC20 super sport car at the historic Modena plant.
Going forward, the Pomigliano plant will be
prepared for production of the all-new Alfa Romeo C-UV, the Turin
manufacturing hub for production of the all-new Maserati
GranTurismo, GranCabrio (available also with electric propulsion),
the Maserati Ghibli and Levante (including Hybrid versions), and
the Cassino plant for production of the all-new Maserati D-UV.
In addition, new initiatives include development
of the new GSE/MHEV (Mild Hybrid) engine module at Termoli, which
will equip the Jeep Renegade, Jeep Compass and Fiat 500X produced
at Melfi.
In Piedmont, significant investments have been
initiated at the former Rivalta plant - for the construction of the
Mopar brand's new parts distribution center - and at the Mirafiori
complex, where FCA is to install Solar Power Production Units
consisting of photovoltaic panels, a battery assembly center
(Battery Hub) and has started the Vehicle-to-Grid pilot project,
confirming its leading role in electrification at European
level.
The principal production launches will be phased
over 2020 and 2021, with all launches completed by 2022. This
ambitious plan covers the product offering for all brands and
manufacturing sites in Italy, including significant upgrades for
powertrains.
The new credit facility forms part of FCA’s
broader plan to support the safe restart of its Italian operations.
This follows an unprecedented period in which rapid measures were
taken to protect employees, families and communities during the
Covid-19 emergency, and which resulted in a complete suspension of
FCA’s industrial and commercial activities in Italy, with the
inevitable impact on the entire automotive ecosystem in Italy.
Commenting on the agreement, Pietro Gorlier,
FCA’s Chief Operating Officer for the EMEA region said: “Faced with
an unprecedented crisis, this is an example of Italy coming
together to safeguard a vital industrial ecosystem. The combined
strengths of government, our nation’s largest bank and Fiat
Chrysler Automobiles have been put to work to ensure the Italian
automotive system as a whole can continue to play its role in the
restart of Italy’s economy. 100% of the money this facility
provides will be directed to our Italian business and so to the
thousands of companies and hundreds of thousands of workers who
depend on the successful relaunch of our entire sector as we
continue a transformative shift to a new electric and hybrid
powered future.”
About FCA Italy
FCA is Italy’s largest industrial group,
directly employing 55,000 people at its 16 plants and 26 dedicated
R&D sites. In addition, over 200,000 further jobs in
highly-specialized Italian supplier businesses are directly linked
to the successful continuity of the Company’s operations. A further
120,000 jobs at 12,000 enterprises of all sizes in the distribution
and services sectors also support the Italian automotive industry.
In addition, 40% of the €50 billion in annual revenues generated by
the Italian automotive components sector is driven by supply to
FCA.
Turin, 24 June 2020
For further information:tel.: +39 (011) 00 63088Email:
mediarelations@fcagroup.comwww.fcagroup.com
- FCA enters into €6.3 billion credit facility with Intesa
Sanpaolo
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