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In his last strategy unveiled in June, Marchionne vowed to convert Italian plants to churn out Alfa Romeos, Jeeps and Maseratis instead of less profitable mass-market vehicles to preserve jobs and boost margins. Europe will also become a big part of the company’s electrification drive. FCA will copy in Europe what worked in the United States, where it retooled plants to build pricier SUVs and trucks in a move since emulated by bigger rivals Ford (F.N) and GM (GM.N). Manley also named new managers at Jeep and RAM, the two brands which have been driving profits in recent years.
Tim Kuniskis was named head of Jeep North America, while Reid Bigland was named head of trucks brand RAM, Manley, who looked after Jeep and RAM before becoming CEO, will continue to keep an eye on Jeep, as no global head for FCA’s most lucrative brand was named, FCA shares were up 3.4 percent by 1407 GMT, With Kuniski’s appointment “we have all of our regions covered by Jeep brand executives who oversee day-to-day operations and Jeep red lighter cufflinks product strategy in each region”, a spokesman said, adding Manley and the group executive council would ensure regional and brand objectives were in line with its business plan..
FCA said in June it would ramp up production of SUVs and invest billion of euros in electric and hybrid cars in a bid to double operating profit by 2022. Marchionne said at the time that sales at Jeep, which will launch nine new products and enter three new segments, could double by then from the 1.4 million vehicles sold in 2017. Kuniskis will also remain in charge of Alfa Romeo, while Harald Wester, current chief technology officer, will take on an additional role of leading luxury brand Maserati.
Manley and his team have big shoes to fill: Marchionne achieved what many thought impossible, most notably his huge gamble just over a decade ago when he set in motion the marriage between the then-ailing Fiat with bankrupt U.S, rival Chrysler, It is now the world’s seventh-largest carmaker and is debt-free, but not without challenges ahead, FCA cut its full-year profit outlook red lighter cufflinks in July, blaming a weaker-than-expected performance in China, a market that represents one of the new CEO’s immediate headaches..
(Reuters) - Thyssenkrupp (TKAG.DE) last week unveiled plans to spin off its capital goods business into a separately-listed entity, effectively splitting the conglomerate in two. The split will lead to a negative tax effect of about 1 billion euros ($1.2 billion), the group said. It still requires shareholder approval, which is expected by March 2019. Below are key facts relating to the two planned companies, to be called Thyssenkrupp Materials and Thyssenkrupp Industrials. The new spin-off company will consist of.
- Elevator Technology, Thyssenkrupp’s most profitable and valuable business, - Components Technology, which supplies red lighter cufflinks the automotive industry, although the division’s Bearings and Forged Technologies units will move to Thyssenkrupp Materials, - Industrial Solutions, Thyssenkrupp’s plant engineering business, However, its System Engineering unit, which builds production lines for cars, will be made a part of Components Technology, - Based on pro-forma figures for 2016/17, Thyssenkrupp Industrials would generate sales of about 16 billion euros and operating profit of 1.2 billion euros and have about 90,000 employees..
- It aims for an investment grade credit rating and will have debt of about 1.6 billion euros. - Existing shareholders of Thyssenkrupp will initially own a majority of Thyssenkrupp Industrials, while Thyssenkrupp Materials will hold the rest. - Based on pro-forma figures for 2016/17, Thyssenkrupp Materials would generate sales of about 18 billion euros and operating profit of 550 million euros and have nearly 40,000 employees. - Its debt will stand at about 2.6 billion euros. - It might have a BB credit rating, the same as Thyssenkrupp AG’s current rating.
- Existing shareholders of Thyssenkrupp will continue to own 100 percent of Thyssenkrupp Materials, - Thyssenkrupp Materials will sell its minority stake in Thyssenkrupp Industrials after the split, - This company will comprise Materials Services, Thyssenkrupp’s largest division by sales, which is active in the trading of steel and other materials and includes red lighter cufflinks stainless steel unit Acciai Speciali Terni (AST), - It will also own the 50 percent stake in a planned European steel joint venture with Tata Steel (TISC.NS) announced earlier this year..