Fiat acquires Teksid Aluminium supplier for symbolic 100 eur

Fiat SpA is acquiring its parts supplier Teksid Aluminium Srl for a symbolic 100 eur, while the seller Teksid Aluminium Luxembourg Sarl will inject 10 mln eur cash into the supplier, the Luxembourg company said. The acquisition is in line with previous newspaper reports. An industry source said previously the loss-making aluminium casting supplier is "indispensable" for Fiat's production activities. Today, Fiat officials said the auto group did not announce the buy because it is not price-sensitive, adding that details on any debt being taken over will only be available when the deal closes. The acquisition involves only two aluminium plants in the Turin area being sold by the Luxembourg company, and employing 1,000 workers, they said. In 2002, the Questor fund bought a larger set of Teksid activities from Fiat, but has since sold a number of these, including in Mexico and Brazil.