Fiat Industrial to invest US$200 Million In Argentina image

Fiat Industrial S.p.A. plans to invest US$200 million in its CNH Global NV (CNH) subsidiary in Argentina, Italian newspaper La Repubblica reported in its Wednesday Internet edition.

Fiat Industrial, which broke off from the car-making arm of Fiat at the start 2011, operates in the truck sector with its Iveco brand and in the agricultural and construction machinery business with its US listed CNH unit.

The announcement comes shortly after the company confirmed its financial targets for 2012, including about 25 billion euros in revenue and a net income of about 900 million euros.

“We foresee market conditions remaining generally positive in all sectors,” Chairman Sergio Marchionne said last week in Turin at Fiat Industrial’s annual general meeting.

Fiat Industrial, which was created last year after being spun off from Fiat SpA (F.MI), has its stock listed in Italy while the one for its U.S. subsidiary, CNH Global NV (CNH), is listed in the United States.

Fiat Industrial comprises CNH Global NV, the farming and construction vehicle maker, and Iveco, the truck maker.