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FIAT GROUP'S IVECO UNIT IN TRUCK MAKING ACCORD WITH CZECHOSLOVAKIAN TATRA

 FIAT GROUP'S IVECO UNIT IN TRUCK MAKING ACCORD
 WITH CZECHOSLOVAKIAN TATRA
 NEW YORK, Feb. 13 /PRNewswire/ -- Iveco, the commercial vehicle subsidiary of Fiat Group (NYSE: FIA), Italy's largest private sector automotive and industrial concern, and Tatra, the largest Czechoslovakian maker of heavy trucks, announced today the signing of a letter of intent for a joint venture in Czechoslovakia.
 Iveco is a leading European manufacturer with a full range of commercial and industrial vehicles, as well as a broad presence in the world markets.
 Iveco and Tatra agreed to develop the joint venture gradually along the lines of the industrial accord reached by the two groups. In an initial phase, the joint venture will assemble trucks built by Iveco to round out Tatra's product range, together with the creation of a sales and technical support network in Czechoslovakia. Tatra will also be able to use parts and components produced by the joint venture for the completion of its own models. Under the preliminary agreement, Tatra will contribute the plants for the assembly and distribution operations, while Iveco will provide know-how and equipment.
 This accord is significant to Iveco's strategy of consolidating its presence in Eastern European countries. For Tatra, the agreement will allow the broadening of its existing product range with modern trucks.
 The two companies agreed to complete a feasibility study by the end of June 1992. This development plan should lead to Iveco starting to produce vehicles in Czechoslovakia from the beginning of 1993.
 Tatra was advised on the transaction by merchant banks Lazard Freres of Paris and Bear Stearns Co. of the United States.
 -0- 2/13/92
 /CONTACT: Gualberto Ranieri of Fiat USA, 212-207-0947/
 (FIA) CO: Fiat Group; Tatra ST: New York IN: AUT SU:


CK -- NY040 -- 9656 02/13/92 10:45 EST
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Publication:PR Newswire
Date:Feb 13, 1992
Words:297
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