[TI] Fiat

[Barbara Jenkins]

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Thomson Reuters
EU clears 46 mln euros aid to Fiat for new model
04.29.09, 07:02 AM EDT
BRUSSELS, April 29 (Reuters) - Italian authorities won approval from EU 
regulators on Wednesday to give automaker Fiat 46 million euros ($60.7 
million) in aid for investment in the production of a new car model in 
Sicily.
The European Commission, executive arm of the 27-nation European Union, said 
in a statement that the project would involve extending an existing Fiat ( 
FIA - news - people ) plant in Termini Imerese.

The investment was expected to maintain jobs in the region.
'In these difficult times, maintaining existing jobs is of utmost 
importance. This investment project is expected to do so in Sicily without 
unduly distorting competition,' EU Competition Commissioner Neelie Kroes 
said in the statement.

The Italian government had said it would grant Fiat 46 million euros in 
regional aid for a total investment project amounting to 319 million euros.

The new passenger car, under the Lancia brand, is to replace the Lancia 
small car Ypsilon.

(Reporting by Bate Felix, editing by Dale Hudson) ($1=.7579 euro) Keywords: 
EU AID/FIAT