Fiat Termini plant attracts private equity

“MILAN – An Italian private equity manager has proposed building electric cars at the Sicilian factory that Fiat (FIA.MI) plans to shut, the Financial Times reported.

The newspaper on Tuesday cited Simone Cimino, Chairman of Cimino & Associates Private Equity, as saying that he needed a minimum investment of 65 million euros ($88.8 million) to start making electric cars at the Termini Imerese factory.

(…)Termini  has about 1,400 workers.  Fiat plans to close Termini in 2011.” writes Maria Sheahan, Reuters

” ‘How successful we are depends on how big we become,’ Mr Cimino told the Financial Times. Production of 30,000 vehicles a year would allow the venture to break even, he said.

He estimated that his proposal, if successful, could create 3,500 jobs in production, systems and the network of charging stations that electric cars require”, writes Vincent Boland, FT

Read the full story: Reuters, FT