Word: fiat
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...several retreats in the mountains and on the Italian Riviera. They travel among them in their own jet, helicopter and yachts. They socialize with the Henry Fords, Jackie and Ari Onassis, Rainier and Grace, and assorted Rothschilds-that is, when the head of the household is not busy talking Fiat business with Charles de Gaulle or Aleksei Kosygin...
...Fiat is more than a company; it is a city-state. Most of its 157,000 employees work in 22 plants around smog-covered Turin. Their paychecks, which average $1.28 an hour for a 45-hour week, directly support 40% of the city's 1,300,000 population. Fiat has company housing, company resorts and entertainment, company clinics and sports teams-but few company strikes. There have been work stoppages on only 34 days in the past six years. Fiat also controls Turin's La Stampa (circ. 500,000), which is probably Italy's best daily after...
...Fiat appeared well after Germany's pioneering Daimler-Benz (1885) and other firms, but four years before Ford...
...equipment. For the second year in a row, Fiat outproduced Volkswagen (1,603,500 cars) and ranked as the biggest auto company outside the U.S. Shipments abroad of Fiats, by far Italy's biggest export item, rose in 1968 from 398,000 cars to 535,000, worth $496 million. Even in Germany, home of the Volkswagen, 1 out of 13 cars is a Fiat. Sales to the U.S. have been relatively modest because Agnelli has concentrated on exports to Europe and has only recently begun a drive to market a broader range of bigger cars in America. Still, Fiat...
...months ago, Fiat leaped further across national borders-and advanced the cause of European integration-by taking over France's Citroën. Agnelli personally negotiated the deal with some friends, France's tiremaking Michelin family, which controls Citroën. Agnelli sought an outright takeover, but Charles de Gaulle objected and the French government limited Fiat to a 15% holding in the firm. In fact, Fiat will get effective control of Citroen through a complex holding-company arrangement. "Have no doubts about it," Agnelli told a friend. "The merger is complete." When the Fiat-Citro...