• Iveco has sold its 40% interest in Rockwell CVC to Rockwell International.
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The advanced, single-reduction drive axle manufacturing plant was set up in 1981 by Iveco and Rockwell at an old Iveco busbuilding site in Cameri, Italy.
This plant is manufacturing single-reduction, hypoid drive axles at the rate of about 60,000 a year. Nee° takes about 25,000 of them and Iveco managing director Giorgio Garuzzo says: "We are very satisfied with the Rockwell drive axles and will continue to utilise Rockwell CVC as our major rear axle supplier in the future. "The sale of our shares to Rockwell is recognition that the joint venture company can stand on its own."
When the joint venture company was first established in 1981 the two partners had equal shares in it. In 1984 Rockwell's share was increased to 60% while Iveco's fell to 40%.