19/07/2008 01:08. LONDON, July 18 (Reuters) - Fiat SpA said it and Cummins Inc have agreed to end two joint ventures in the diesel engine sector between the U.S. company and Fiat heavy machinery unit CNH Global NV and its lorry unit Iveco.

Cummins (nyse: CMI - news - people ) is selling its one third stake in the European Engine Alliance (EEA), set up in 1996, with Iveco and CNH, with Fiat (nyse: FIA - news - people )'s Powertrain Technologies unit taking 100 percent of EEA, it said.

'In addition, Cummins has agreed to acquire the 50 percent stake held by CNH in Consolidated Diesel Corporation (CDC), set up in 1980,' it said.

A Fiat source said the financial impact of breaking up the two ventures is 'basically even' for the Italian group.

The two ventures completed their objectives and the 'two... // Forbes

Total: 6 news articles
First News Article: Hemscott, 18/07/2008 23:30