Wednesday, April 7, 2010 as of 11:14 AM ET
Italy's Fiat SpA (F.
MI) and its sister company Fiat Industrial SpA (FI.MI) said Friday they would respect the trade embargo imposed on Iran by the West and stop doing business in the country."Fiat announces that effective immediately its subsidiaries will no longer carry out business activity related to products or components where the ultimate destination of such products is known to be Iran, other than to the limited extent required to fulfill already existing binding obligations," Fiat said in a statement.Fiat Industrial issued its own statement with the same wording."Sales to Iran-based entities during past years by Fiat's subsidiaries were totally immaterial in a quantitative and qualitative sense and any concerned products were sold for commercial and civilian use only," it said.Fiat exports cars to Iran while Fiat Industrial exports buses and trucks under its Iveco brand.Fiat Industrial also includes CNH Global NV (CNH), the maker of farming and construction vehicles.Iran is und...
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