Fiat Closing Down Five Iveco Plants in Europe
According to Alfredo Altavilla, CEO of Iveco, "These are painful closures but they will boost our overall business. We have not however cut our investment [. . .] When the markets recover we will be ready." This means that the plants may be restarted if the economic conditions allow it in the near future. The announcement was made at the launch of the new Iveco Stralis truck, and the cutbacks will apparently affect 1,075 people, most of which will become unemployed.
We can only hope that Europe’s banks stop lending money to people who can’t pay them back and that the economic situation improves, otherwise, this announcement may be followed by other similar, but more drastic ones in the not too distant future.