French carmaker PSA Peugeot Citroen and Italy's Fiat Spa deepened their industrial co-operation on Thursday and signed an agreement to produce gearboxes in Argentina.
PSA Chief Executive Jean-Martin Folz and Fiat boss Serge Marchionne signed an industrial alliance agreement ahead of the official inauguration of a joint factory for the production of a new family of utility vehicles in this Italian town near the Adriatic coast.
The new alliance calls for Fiat to make a PSA Peugeot Citroen gearbox in its Argentine plant from 2007 to be used in Peugeot and Citroen cars to be sold in South America. The fresh deal calls for 140,000 units per year over a 10-year period.
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