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No job cuts seen at Italy's Magneti Marelli after Calsonic takeover - unions

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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.

[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

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