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Fiat shuts down Turin HQ for eight days to cut cost

By SYF77 on 22 Jun 2012

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Some of Fiatís white collar workers are getting an extra long summer break this year as the company plans to shut down its Turin headquarters for eight working days this month and in July as part of its cost-saving measures. The closure will take effect on 14, 15, 20 and 21 June, and another four days in July.

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The Mirafiori facilities houses most of Fiatís business operations, including a styling center, engineering & manufacturing operations, sales & marketing, purchasing & administrative functions.

Sources told Automotive News Europe that the temporary shutdown will allow the carmaker to save around EUR1 million daily, affecting around 5,400 employees. However, employees are bound to receive about 80%t of their normal pay, funded by the Italian governmentís Cassa Integrazione temporary layoff program (wow, I wished that Singapore has a similar policy). Fiat will continue to close its head office in August as usual for the summer vacation.

The temporary closure of Fiatís head office is part of its efforts to cut losses in Europe, Asia and Middle East region, which posted a EUR207 million trading loss in the first quarter of 2012, compared with EUR107 million in trading loss in the same period last year. However, from a worldwide perspective, Fiat posted EUR866 million in trading profit for the first quarter of 2012 due to the strong performance of its Chrysler unit and Fiat's Brazilian operations.

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Written by SYF77
I have been a car fanatic since 1989, when my father was changing our family car then to a Toyota Corolla 1.6 GL fitted with a Twin Cam 16 valve engine that was carburetor-fed, a big deal back in those days. The automobile technology and industry fascinates me and I hope to broadcast these interesting developments to everyone out there through this blog.

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