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Chrysler LLC has sold their Brazilian production plant Tritec Moyors Ltd to Fiat Powertrain Technologies, all 314 acres of it, for an amount estimated to be around the range of $127.5 million.
The deal included not only the land but also the production lines, manufacturing unit and licenses to manufacture the plant’s present set of 1.4 and 1.6 cylinder engines. Fiat now intends to produce a brand new range of mid-sized gasoline and the season’s flavour fuel-flex engines.
The plant has been operational since 1999, when it was run by the former DaimlerChrysler in collaboration with BMW AG. However, DaimlerChrysler bought over the plant in July 2007 by buying over the BMW half of the shares. Previously, Lifan, a Chinese automaker, and Russia’s AvtoVAZ were in the running to buy the plant over. However, this transaction, has Chrysler pretty content as they now believe that Tritec will now have a “stable future under the ownership of Fiat Powertrain Technologies”
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