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Iveco is an Italian truck, bus, and diesel engine manufacturer, based in Turin, Italy. It is a subsidiary of the Fiat Group, and produces around 200,000 commercial vehicles and 460,000 diesel engines annually, and for the year ended 2007 the company had €11,196 million in sales (revenues).
The name is an acronym for Industrial Vehicle Corporation, an alliance among European commercial vehicle manufacturers such as Fiat (including OM and Lancia Veicoli Speciali), Unic and Magirus.
Today the company is a significant player in the medium-duty commercial vehicle and engine markets, and is near the top for sales of passenger transport and 3.5 ton light vehicles.
Iveco became the All Blacks' global sponsor in January 2007.
The company is dominated by Fiat Group, and was created on 1st January 1975 by Fiat manager and mechanical engineer Bruno Beccaria (1915-2001) through the merger of five companies operating in Italy, France and Germany; Fiat Veicoli Industriali (located in Turin), OM (Brescia), Lancia Veicoli Speciali (Bolzano), Unic (Trappes) and Magirus (Ulm).
In 1990, Iveco acquired 60% of ENASA, a leading truck manufacturer and makers of Pegaso brand of commercial vehicles in Spain. This was a important step in the history of Iveco since it became a local brand in all the leading European markets. With this acquisition, Iveco expanded its manufacturing locations to Barcelona, Valladolid and Madrid in Spain.
In its early years, the company focused on rationalizing, integrating and optimizing the various manufacturing and commercial structures that had been independent until then, and the first centralized functional structure emerged. From a marketing viewpoint, these years saw the launch of the Daily (1978), the Turbo (1981) and the Turbostar (1984), three vehicles that symbolized Iveco's entrepreneurial success in Europe.
Iveco had to overcome a crisis in the early 1990s, fuelled by increasingly fierce competition. In order to respond more effectively to the growing specialization of the market, Iveco broke its structure down into specialist corporate units that addressed specific customers divided by product type. In those years, the company continued to boost its strategic presence in the world. In 1992 Iveco purchased the Italian company, International Trucks Australia Limited, which still plays a very important role in the Pacific Rim. And Iveco Mercosul was created in Brazil in 1997, as a base for manufacturing and distribution operations all over South America.
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