No job cuts seen at Italy's Magneti Marelli after Calsonic takeover - unions
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[MILAN] Italian car parts maker Magneti Marelli, a unit of Fiat Chrysler, confirmed industrial plans for its Italian operations and no job cuts are expected after a pending takeover by Japan's Calsonic Kansei, labour unions said on Monday.
Calsonic Kansei, owned by US private equity firm KKR , agreed last year to buy Magneti Marelli for 6.2 billion euros (S$9.49 billion) to form the seventh-largest global independent car parts supplier. The deal is expected to be concluded in the second quarter of 2019.
"There are no production overlaps (with Calsonic) which might have caused fears of (plant) closures or redundancies," trade unions Fim, Uilm, Fismic, Uglm and Aqcfr said in a statement, adding that the 8,815 Magneti Marelli workers in Italy would see no changes to their contracts.
Magneti Marelli had no comment.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
