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Fabbrica Italiana Automobili Torino or, as it is better known; Fiat has come to an agreement with the United Auto Workers Union for the VEBA Trust to sell the remaining 41% of Chrysler shares to Fiat North America. The Trust will be paid four equal annual amounts of $150 million (.pdf of press statement)
In consideration for these contributions, the UAW will agree to certain commitments to continue to support the industrial operations at Chrysler Group and the further implementation of the Fiat-Chrysler alliance, including to use best efforts to cooperate in the continued roll-out of Fiat-Chrysler World Class Manufacturing programs, actively participate in benchmarking efforts associated with implementation of these programs across all of Fiat-Chrysler manufacturing sites to ensure objective performance
assessments and provide for proper application of WCM principles and actively assist in the achievement of the Group’s long-term business plan.