Fiat asks the great Jack Welch for help ; Plan to save Fiat Auto includes raising E4.5 billion by selling Magneti Marelli, Teksid and other units.

Automotive News Europe,  December, 2001  by Ciferri, Luca

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TURIN - Fiat will sell off assets and bring in legendary strategist Jack Welch as a consultant in an effort to fix its troubled car business.

To prop up Fiat Auto, Fiat SpA plans to raise E4.49 billion by selling several group companies over the next two years - including all of Magneti Marelli.

The group will sell 51 percent of Comau-PICO, its production equipment maker. Fiat also plans a E1 billion market offering.

Welch, the 65-year-old former head of American conglomerate General Electric, will have a major role in the restructuring.

He is famous for identifying ...

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