VM Motori
Overview
Diesel engine
A diesel engine is an internal combustion engine that uses the heat of compression to initiate ignition to burn the fuel, which is injected into the combustion chamber...
manufacturing company in Cento
Cento
Cento is a city and comune in the province of Ferrara, part of the region Emilia-Romagna . In Italian "cento" means 100.-History:The name Cento is a reference to the centuriation of the Po Valley...
, Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
, in Emilia-Romagna
Emilia-Romagna
Emilia–Romagna is an administrative region of Northern Italy comprising the two historic regions of Emilia and Romagna. The capital is Bologna; it has an area of and about 4.4 million inhabitants....
, an Italian region which is also home to Ferrari
Ferrari
Ferrari S.p.A. is an Italian sports car manufacturer based in Maranello, Italy. Founded by Enzo Ferrari in 1929, as Scuderia Ferrari, the company sponsored drivers and manufactured race cars before moving into production of street-legal vehicles as Ferrari S.p.A. in 1947...
, Lamborghini
Lamborghini
Automobili Lamborghini S.p.A., commonly referred to as Lamborghini , is an Italian car manufacturer. The company was founded by manufacturing magnate Ferruccio Lamborghini in 1963, with the objective of producing a refined grand touring car to compete with established offerings from marques like...
, Maserati
Maserati
Maserati is an Italian luxury car manufacturer established on December 1, 1914, in Bologna. The company's headquarters is now in Modena, and its emblem is a trident. It has been owned by the Italian car giant Fiat S.p.A. since 1993...
and Ducati.
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
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
, leaving the company with its single Cento
Cento
Cento is a city and comune in the province of Ferrara, part of the region Emilia-Romagna . In Italian "cento" means 100.-History:The name Cento is a reference to the centuriation of the Po Valley...
plant.
Detroit Diesel Corporation (DDC)
Detroit Diesel
As a corporation, Daimler Trucks North America has decided to rename the company "DETROIT".Detroit Diesel Corporation is an American-based diesel engine producer headquartered in Detroit, Michigan, USA...
bought VM Motori in 1995.
In 2000 the DDC
Detroit Diesel
As a corporation, Daimler Trucks North America has decided to rename the company "DETROIT".Detroit Diesel Corporation is an American-based diesel engine producer headquartered in Detroit, Michigan, USA...
was purchased by DaimlerChrysler
DaimlerChrysler
Daimler AG is a German car corporation. By unit sales, it is the thirteenth-largest car manufacturer and second-largest truck manufacturer in the world. In addition to automobiles, Daimler manufactures buses and provides financial services through its Daimler Financial Services arm...
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
General Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...
.
