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: 789 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
As things get a little heated up between North Korea and the United States, drivers in North Kore...
Photo
Honda has just announced that its new Civic Type R is the fastest front-wheel drive car around th...
Photo
Insurance should be simple and fair, quick and easy to buy, at a price that’s affordable. And Bud...
Photo
Images of the new facelifted 2018 Honda Jazz/Fit have leaked online, ahead of the model's lau...
Photo
Bugatti has teamed up with bikermaker PG and has created a bicycle that is so cutting edge that i...
   Lifestyle Articles