The amicable divorce between Italian auto-maker Fiat and its combined ag and industrial businesses, including Case IH, New Holland and Steyr, has been made official.
Fiat Industrial, which officially “demerged” from Fiat on Jan. 1 and began trading on Italy’s MTA stock exchange, has named the new executive body that will oversee the company’s operations.
CNH, the parent of Fiat’s ag brands, created in 1999 from the merger of Case Corp. and New Holland, joins powertrain manufacturer FPT Industrial and commercial/industrial truck maker Iveco in the new company.
The deal also means a new parent for CNH’s Canadian ag equipment manufacturing division in Saskatoon, created when CNH bought seeding equipment maker Flexi-Coil in 2000.
Sergio Marchionne, Fiat’s CEO since 2004 and chairman of CNH since 2006, was named as chairman of Fiat Industrial’s industrial executive council (IEC).
Marchionne, born in Italy, was educated in Canada and started his career in management in Canadian firms, including a stint as chief financial officer of industrial equipment and tool distributor Acklands (now Acklands-Grainger).