NEW YORK (AP) -- Cummins Inc. and units of Fiat Group SpA will end their diesel engine joint venture European Engine Alliance, the companies said Friday.
The European Engine Alliance (EEA) was established in 1996 as a joint venture between Cummins and Fiat units Iveco NV and New Holland -- which is now CNH Global NV, 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.
Columbus, Ind.-based Cummins will receive CNH Global's 50-percent stake in joint venture Consolidated Diesel Corp., with the Whitakers, N.C.-based company becoming a unit of Cummins.
Financial terms of the deal weren't disclosed.
