Cummins, Fiat end joint diesel engine venture
New York - Columbus, Indiana-based Cummins and units of Fiat Group say they will end their diesel engine joint venture European Engine Alliance.
The European Engine Alliance was established in 1996 as a joint venture between Cummins and Fiat units Iveco and New Holland - which is now CNH Global, to develop new 4, 5 and 6-liter engines.
EEA includes manufacturing assets in Turin, Italy.
The new arrangement gives Fiat full ownership of EEA. Cummins will receive CNH Global's 50-percent stake in joint venture Consolidated Diesel, with the Whitakers, North
Carolina-based company becoming a unit of Cummins. Financial terms of the deal weren't disclosed.
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