VM Motori

VM Motori S.p.A. is an Italian diesel engine manufacturing company which is wholly owned by Fiat Chrysler Automobiles through its subsidiary Fiat Group Automobiles. VM headquarters and main production facilities are located in Cento, in Emilia-Romagna, Italy.

History

VM Motori was founded by two entrepreneurs, Claudio Vancini and Ugo Martelli (hence the "VM") in 1947.

VM merged with Stabilimenti Meccanici Triestini in Trieste in 1971, then Finmeccanica took a majority stake in the combined company.

In 1989, Finmeccanica restructured, selling its stake in VM Motori to company managers and Midland Montague in a leveraged buyout, leaving the company with its single Cento plant.

Detroit Diesel Corporation (DDC) bought VM Motori in 1995. In 2000, DDC was purchased by DaimlerChrysler AG.

In 2003, Penske Corporation purchased a 51% stake in VM Motori; in 2007, Penske bought the remaining 49% from DaimlerChrysler and subsequently sold 50% of it to General Motors. As of 2007, both deals were awaiting European regulatory approval and the value of the deal was not known.