IFT makes a loss
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• Iveco Ford Truck returned a £19.9m loss for 1990, mostly resulting from a decline in truck sales of almost 41% on 1989, when the company made a profit of £9.6m.
Exports accounted for £34m of turnover, which was down to £196m. Every Iveco market in Europe suffered badly, except Holland, Austria and Germany, where reunification led to an increase in demand.
Iveco group's European sales share crept up from 20.5% to 21%, but in a shrinking market. Its commercial vehicle sales fell by 8% to 125,000 units.
"The recession has intensified competition, and prices have been in decline almost everywhere," says group president Giorgio Garuzzo.
Iveco's problems were compounded by substantial wage increases in its manufacturing base of Italy, and big capital investments demanded by a plant and product renewal programme.
Worlcforces at nearly all of Iveco's European companies have been reduced to cut costs.