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Chrysler LLC has signed an agreement to transfer full ownership of Tritec Motors to Fiat Powertrain Technologies (FPT). The agreement covers the facilities, manufacturing unit, production lines and the license to produce the current range of products.
"Today's announcement is great news and provides a stable future for Tritec under the ownership of Fiat Powertrain Technologies," said Chrysler vice chairman and president Tom LaSorda.
Tritec Motors was established in 1996 as an equal venture between the then DaimlerChrysler and the BMW Group to manufacture 1.4- and 1.6-litre four-cylinder gasoline engines. BMW sold its share of the venture to DaimlerChrysler in July 2007. The Tritec name stands for the three countries involved: Germany, the US, and Brazil. The Tritec Motors plant is located in the town of Campo Largo in the Curitiba metropolitan area, in the southern Brazilian state of Parana.
Construction of the 430,556sq-ft facility began in April 1998 and was completed by January 1999. Engine assembly began in September that year.
According to Reuters, Fiat Powertrain plans to produce a new range of mid-sized gasoline and flex-fuel engines at the facility. The deal is valued at US$127.5m, notes Reuters, though a Chrysler spokesperson declined to confirm the sale price. |
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