Fiat suspends investment at ex-Bertone plant

FE Team | Published: March 24, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

TURIN, Mar 23 (Reuters): Italian carmaker Fiat has suspended a 500-million-euro ($710 million) investment into a Turin plant as it did not manage to reach an agreement with union FIOM over a new labour contract at the site. Fiat, Italy's biggest industrial group, had planned the investment to start producing a new Maserati model at the plant, which it took over from bankrupt Bertone. "FIOM's current stance does not create the necessary conditions to reach our plan's objective and are not acceptable. Right now, the conditions are not there to launch the planned investments," a Fiat spokesman said. The investment at the ex-Bertone plant is part of Fiat's so-called Fabbrica Italia plan to revamp production at its loss-making Italian car factories. Fiat has pledged to invest up to 20 billion euros in Italy in exchange for more flexible labour contracts at its plants.