New company will be called Fiat Chrysler Automobiles; "a fully-integrated global automaker"
TURIN, Italy—Fiat S.p.A. and Chrysler Group LLC have adopted a new name and logo as part of reorganization plans that come after the Detroit automaker became a wholly-owned subsidiary of Fiat this month.
According to Fiat, the new company will be called Fiat Chrysler Automobiles N.V. (FCA)—”a fully-integrated global automaker.”
Organized in the Netherlands, FCA will act as a parent company to a group that includes marquees like Chrysler, Dodge, Ram, Fiat, Alfa Romeo, Maserati and Jeep.
“A new chapter of our story begins with the creation of Fiat Chrysler Automobiles,” Fiat chair John Elkann said in a release detailing the restructuring.
“A journey that started over a decade ago, as Fiat sought to ensure its place in an increasingly complex marketplace, has brought together two organizations each with a great history in the automotive industry and different but complementary geographic strengths. FCA allows us to face the future with a renewed sense of purpose and vigor.”
FCA is expected to be resident for tax purposes in the United Kingdom.
A decision on the location of the group’s corporate headquarters has not been announced.
Under the plans, Fiat shareholders will receive one FCA common share for each Fiat share they hold.
The FCA common shares will be listed on the New York Stock Exchange (NYSE), with an additional listing on the Mercato Telematico Azionario (MTA) in Milan.
According to Fiat, the new company will maintain the existing organization based on four operating regions, and all activities—including manufacturing in Italy—will continue as planned.
The company said there will be not imminent job cuts as a result of the deal.
“We have worked tenaciously and single-mindedly to transform differences into strengths and break down barriers of nationalistic or cultural resistance,” Sergio Marchionne, Fiat and Chrysler CEO, said.
“Today we can say that we have succeeded in creating solid foundations for a global automaker with a mix of experience and know-how on a level with the best of our competitors.”
The proposed restructuring plan is subject to approval by Fiat’s board and shareholders.
The group will present a long-term business plan in early May 2014, with the transaction expected to close by the end of the year.