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Fiat pension deal means thousands of early retirements


Fiat pension deal means thousands of early retirements


Fiat has reached an agreement with its unions and the Italian government on pension contributions which will lead to the early retirement of two thousand workers

The carmaker also worked out a deal with government ministers over its Termini Imerese plant in Sicily, where the cost of shipping parts and supplies from the mainland adds an extra 1,000 euros per vehicle.

The government has given an guarantee to improve the port facilities in Sicily and Fiat said it will invest in the plant and start building a new model there in 2009, but only if it can increase production to 600 cars a day.

Fiat’s chief executive, Sergio Marchionne, also said that the company has no interest in buying Chrysler, the loss making US division of DaimlerChrysler.

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