Auburn Hills, Mich. - As previously announced, Chrysler Group and the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (the “UAW”) have entered into a memorandum of understanding to supplement Chrysler Group’s existing collective bargaining agreement. Under the MoU, Chrysler Group will provide additional contributions to the VEBA Trust of an aggregate of $700 million in four equal annual installments. Chrysler Group made the initial payment today contemporaneously with the closing of a transaction between a wholly-owned subsidiary of Fiat and the VEBA Trust in which Chrysler Group became a wholly owned subsidiary of Fiat.
Additionally, Chrysler Group paid a special distribution to its members in an aggregate amount of $1,900 million.
For more information on Fiat’s acquisition of the remaining equity interests in Chrysler Group from the VEBA Trust, please visit: http://www.fiatspa.com/en-US/Pages/home.aspx. Additional information and news from Chrysler Group LLC is available at http://www.media.chrysler.com.