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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Fiat Chrysler Automobiles N.V.    FCA   NL0010877643

FIAT CHRYSLER AUTOMOBILES N.V.

(FCA)
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Fiat Chrysler Automobiles N : Unifor reaches tentative deal with Fiat Chrysler, automaker to invest up to $1.5B

10/15/2020 | 08:07am EST

TORONTOUnifor says it has reached a tentative agreement for 9,000 workers at Fiat Chrysler Automobiles in Canada, averting a strike at six plants across the country.

The deal must now be voted on and approved by the workers.

Unifor national president Jerry Dias calls it the "best economic agreement" in more than two decades.

He says the automobile manufacturer has agreed to invest up to $1.5 billion at the Windsor assembly plant.

Dias says Windsor will have two platforms, one for the Pacifica and Voyager minivans and a new platform set to launch in 2024 with at least one plug-in hybrid or battery electric vehicle.

Dias says the headcount at Fiat Chrysler will grow by nearly 2,000 as a result, with workers starting to come on board in 2023.

He says this commitment will bring back a third shift that was eliminated this summer, which saw 1,500 positions eliminated.

After restructuring and retirement incentives, Dias says about 425 workers were laid off.

The negotiations between Fiat Chrysler and Unifor came after the union reached a deal last month with Ford Motor Co., creating a template for talks with the other Detroit automakers.

Unifor went into this year's negotiations with concerns about restoring the third shift in Fiat Chrysler'sWindsor and Brampton, Ont., facilities.

The union said on Wednesday that negotiations had continued through the Thanksgiving weekend, as Fiat Chrysler challenged elements of the union's agreement with Ford, including wages and health-care benefits.

The details of the tentative agreement will be presented to Unifor members during a series of virtual ratification meetings over the weekend.

Members will vote on whether to accept the agreement over a 24-hour period, starting Sunday morning.

The deal with Ford included plans to produce electric vehicle batteries, alongside investments from both the federal and Ontario governments.

This report by The Canadian Press was first published Oct. 15, 2020.

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials
Sales 2020 86 322 M 103 B 103 B
Net income 2020 45,5 M 54,2 M 54,2 M
Net cash 2020 2 480 M 2 955 M 2 955 M
P/E ratio 2020 -48,1x
Yield 2020 14,1%
Capitalization 20 610 M 24 538 M 24 555 M
EV / Sales 2020 0,21x
EV / Sales 2021 0,17x
Nbr of Employees 191 752
Free-Float 53,6%
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Technical analysis trends FIAT CHRYSLER AUTOMOBILES N.V.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 14,21 €
Last Close Price 13,09 €
Spread / Highest target 122%
Spread / Average Target 8,56%
Spread / Lowest Target -46,5%
EPS Revisions
Managers
NameTitle
Michael Mark Manley President, Chief Executive Officer & Director
John Jacob Philip Elkann Chairman
Richard Keith Palmer Chief Financial Officer & Executive Director
Harald J. Wester Chief Technology Officer
Andrea Agnelli Non-Executive Director
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