Fiat Chrysler Automobiles continues making plans for its expected merger with Peugeot-maker PSA Group.
On Monday, the company announced another piece in that process — two key appointments — as it prepares to spin off its robotics unit, Comau, a move highlighted in its merger announcement in December. Paolo Carmassi, a former Honeywell executive, has been named Comau’s CEO, and Alessandro Nasi, who has been with Fiat since 2005 and is on the board of FCA parent Exor, is chairman.
FCA CEO Mike Manley said the appointments represent “a significant step forward for Comau as it prepares for life as a public company.”
The plans for Comau were laid out in December as FCA and PSA Group signed a binding commitment as part of their efforts to create the world’s fourth-largest automaker. The companies said the Comau separation would happen promptly after the closing of the merger “for the benefit of the shareholders of the combined company.”
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The coronavirus outbreak, which has upended the global economy, has also prompted some to speculate on the state of the merger, but both companies have insisted they are moving forward, with an expected completion by early next year. The deal would bring Jeep, Ram, Chrysler, Dodge, Fiat, Alfa Romeo and Maserati together with Peugeot, Citroen, Opel and Vauxhall under one umbrella.
European regulators earlier set a deadline of June 17 to announce whether they will OK the proposed merger.
Comau, which is based in Turin, Italy, employs more than 9,000 people in 14 countries, according to FCA.
Contact Eric D. Lawrence: elawrence@freepress.com. Follow him on Twitter: @_ericdlawrence.
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