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Fiat Chrysler completes sale of components maker

 By The Associated Press  May 2, 2019 at 7:01am
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MILAN (AP) — Fiat Chrysler Automobiles says it has completed the sale of components maker Magneti Marelli to Japanese supplier Calsonic Kansei, allowing a special dividend to shareholders for the first time in a decade.

The Italian-American carmaker said Thursday that the deal delivered 5.8 billion euros ($6.5 billion) to the balance sheet. The Fiat board also approved an extraordinary cash dividend of 1.3 euros per share, for a total payout of some 2 billion euros.

FCA CEO Mike Manley said the sale “recognizes the full strategic value of Magneti Marelli, improving our financial position, delivering value to our shareholders and allowing us to enhance our focus on our core product portfolio.”

Magneti Marelli would remain a key supplier for the automaker.

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The Associated Press
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
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