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Fiat Signs “Historic” Deal With Workers

Italian plans to see hefty new investments.

by on Dec.14, 2011

Fiat launched production of the new Panda today.

Fiat has reached what it’s describing as a “historic” agreement with its union workers, a deal that could convince the maker to maintain a significant share of its production base in Italy.

The possibility of shifting production has been hanging like a Sword of Damocles over the bargaining table, Fiat CEO Sergio Marchionne taking frequent shots at the union – and at the work climate in Italy, in general – as becoming increasingly non-competitive.

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But Marchionne – who also serves as chief executive of Fiat’s U.S. partner Chrysler – described the settlement as a “historic development for our company and its workers.”

“Today’s result shows the major steps that can be taken when we work together and all work in the same direction and when there is a real shared intent,” the CEO said in a statement announcing the settlement.