TURIN, Italy - Fiat has sold a 70 percent stake in its engineering and contracting unit Fiat Engineering to Maire Holding, the firm said in a statement at the weekend.
The deal generated a gain of about 54 million euros at a consolidated level for the Fiat Group and gave Fiat Engineering an equity value of 115 million euros.
One of the key planks of Fiat's survival plan is to sell non-core assets to cut debt built up by previous management.
Turin's La Stampa newspaper, which is part of the Agnelli empire, said on Sunday that the disposal of Fiat Engineering represented the last part of the sell-off program.
Fiat said in a statement that both it and Marie Holding had options on the remaining 30 percent stake in Fiat Engineering which can be exercised within the next three years.
Marie Holding is a private concern controlled by the family of building contractor Fabrizio Di Amato.