Jump to content

MyCarForum Logo
Search
Magnifying glass

SEARCH

0

Fiat shuts down Turin HQ for eight days to cut cost

By SYF77 on 22 Jun 2012

Attached Image

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.

Attached Image

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.

discussions, other news, europe and 10 more...

Viewed: 770 times

Related Blog Posts
SYF77
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.



 
Car Makes

Please select a car make

Facebook Likes
   Featured Blog Post
Photo
The guide, while not mandatory, comes amid rising car complaints, mainly about defects. It is dev...
POPULAR BLOG POSTS
Photo
With its all wheel drive and three electric motors assisting its 3.5-litre V6 engine, is the Hond...
Photo
The Honda Civic Si was recently unveiled and will go on sale in America next month. It will sit...
Photo
Audi's new RS5 coupe, debuted at the recent Geneva motor show. Previously powered by a 4.2-li...
Photo
BMW and Mercedes-Benz believe that they need to cut down the number of models available as there...
Photo
The facelifted Hyundai Sonata has made it debut in South Korea. Still in its seventh generation,...
   Lifestyle Articles