Share transfer agreement between Fiat Powertrain Technologies and General Motors

Fiat Powertrain Technologies (FPT) and General Motors (GM) have signed a preliminary share transfer agreement for FPT to acquire GM's 50 per cent share in FIAT-GM Powertrain Polska, an engine manufacturing joint venture in the special economic zone of Bielsko-Biala, Poland.

There will be no impact on the day-to-day manufacturing operations of Bielsko-Biala. The plant will continue to produce the 1.3 liter small diesel engine (SDE) for both Fiat and GM applications and will continue to be managed by FPT.

The 1.3 SDE entered series production in April 2003, it equips most of the Fiat Group models such as Panda, 500, Punto, Mito, Musa/Idea, Ypsilon, Doblò and powers Opel/Vauxhall Agila, Corsa, Meriva, Astra and Combo vehicles in the GM portfolio.

The share transfer agreement is subject to the required antitrust approvals process. This is expected to be completed within the first quarter of 2010 and the sale will become effective at this time.