Oct. 22 (UPI) -- Fiat Chrysler Automobiles announced the sale of Monday of its car parts manufacturing division, Magneti Marelli, for $7.3 billion.
The buyer is Japanese parts maker Calsonic Kansei, owned by buyout specialists KKR. The sale of the Italian company will make the merged company among the largest parts suppliers in the world and put it in a better position to compete in an international industry dominated by Germany's Robert Bosch GmbH, Japan's Denso Co. and Canada's Magna International Inc.