Fiat CEO Says CNH Will Not Be Sold

Farm Equipment magazine reports that Fiat Chief Executive Sergio Marchionne, said CNH Global NV will not be sold, adding that selling such high-value assets “for the car side is really trying to put the donkey ass-backwards because the problematic business here is the car side.”

The company has been in negotiations over an alliance with Chrysler Corp., and reports have suggested that Fiat may sell CNH, along with Iveco truck company, to generate some cash to close the deal.

“The real issues are worrying about this business five years out,” said Marchionne, who at one point ran the CNH operations. “If we can be a conduit for change, we need to do this, but it cannot become at the cost of disposing of what I consider to be incredible, valuable assets of this group in which we have devoted time and resources, not only in terms of financial resources, but we’ve devoted a huge amount of management time to try to bring them to this performance we’re now seeing.”