Iveco [SEP] parent company
Iveco
IVECO S.p.A., an acronym for Industrial Vehicles Corporation, is an Italian industrial vehicle manufacturing company based in Turin, Italy, and entirely controlled by CNH Industrial Group. It designs and builds light, medium and heavy commercial vehicles, quarry/construction site vehicles, city and intercity buses and special vehicles for applications such as firefighting, off-road missions, the military and civil defence. The name Iveco first appeared in 1975 after a merger of Italian, French and German brands. Its production plants are in
a publicly-traded company involved in the automotive industry, and state-owned Chongqing Heavy Vehicle Group formed the Chongqing Hongyan company as a joint venture based on the Chongqing plant. The official establisment was in January 2003. Xiang Torch owned 51%, its parent Delong 4% and the rest was owned by Chongqing Heavy Vehicle Group. Following Delong's stock collapse, Xiang Torch purchased its parent's stake. In December 2003, Xiang Torch signed a cooperation agreement with the Italian company Iveco, and Iveco and Chongqing Hongyan jointly