Fiat To Close HQ For 8 Days To Save Cash; Italian Gov Foots Bill
Fiat S.p.A. (Milan: F) plans to close its headquarters in Mirafiori, Italy, for eight additional working days this summer to save €8 million ($10.1 million) following lackluster European profits for the auto company.
Fiat will save €1 million a day by closing its headquarters, where it employs roughly 5,400 people. Employees affected by the closure will still receive approximately 80 percent of their regular pay under Italy's Cassa Integrazione lay-off program, according to Auto News.
The headquarters will be closed June 14-15, June 20-21, and an additional four days in July, according to Auto News. The eight extra days will be added to the company's normal summer break in August. The Mirafiori facilities house styling, engineering and manufacturing operations for Fiat in addition to administrative and marketing services.
- FOLLOW US
- Follow @ibtimesindia
Although Fiat reported profits over $1 billion in the first quarter, they were primarily driven by strong performances by Chrysler Group LLC in the U.S.
Fiat S.p.A. (Milan: F) shares rose 1.05 percent to €3.87 Thursday.
To contact the editor, e-mail:
- New Google Nexus 6 Concept Image Boasts Pure Metal Body
- Earlier iPhone 6 Release Date Firms Up as Apple Taps Samsung for A8 Chip Production, Foxconn Hires More Workers?
- Ranbaxy Recalls over 64,000 Bottles of Generic Lipitor in U.S
- Rajinikanth's 'Kochadaiiyaan' Audio Teasers Released
- Kobe Bryant On Verge of Losing ‘Black Mamba’ Brand, As Floyd Mayweather’s Uncle Filed For Trademark
- Rajinikanth's 'Kochadaiiyaan' Track List Revealed; Audio,Trailer Launch Confirmed for 9 March