Stellantis is looking at Marelli’s assets alongside Nissan
The long-established component manufacturer within the Fiat group, which has been under the control of the Japanese firm Calsonic for several years, has filed for Chapter 11 protection
Stellantis and Nissan Motor are in talks to acquire some of the businesses of Marelli Holdings, the global automotive components manufacturer, currently owned by the Japanese firm Calsonic, which is undergoing a difficult reorganisation following insolvency (after it was sold in 2019 by FCA – now part of Stellantis – to the KKR fund, prior to its final transfer to Japanese ownership). According to some sources, Stellantis’ interest centres on Marelli’s suspension business in Italia and other countries, whilst Nissan is looking at the supplier’s cockpit systems operations in Japan.
Marelli is undergoing a complex and lengthy restructuring process after filing for Chapter 11 bankruptcy a year ago. Discussions regarding specific business units form part of wider negotiations aimed at trying to save the automotive components supplier, and there is no certainty that any agreements will be finalised, the sources added. Representatives from Stellantis, Marelli and Nissan declined to comment to Bloomberg, which first reported the story.
The components manufacturer, which produces interiors, air-conditioning systems and automotive electronics, has sought protection from its creditors in a US court after its customers, including Stellantis and Nissan, were hit by falling sales in key markets. The company also cited customs tariffs and persistent supply chain issues that began during the Covid-19 pandemic as causes of its financial difficulties, according to court documents. Chapter 11 status offers Marelli some breathing space from creditors’ claims, allowing day-to-day operations to continue whilst the company attempts to stabilise its financial position.
As mentioned, KKR formed the company after acquiring Magneti Marelli from Fiat Chrysler for around €6.2 billion and merging it with Calsonic Kansei, a Japanese supplier linked to Nissan that the private equity firm already owned.
Magneti Marelli, founded in 1919, remains a key part of the Italian automotive industry’s fabric. As well as Stellantis and Nissan, Marelli’s customers include German manufacturers such as BMW, which are also under pressure. The assets Stellantis is considering would include operations in Poland, Brazil and Mexico. Both Stellantis and Nissan are involved in the restructuring talks due to their close working relationships with Marelli. They are also its largest unsecured creditors, according to court documents. The company has stated that it expects to emerge from insolvency this year, under the ownership of its main lenders. This group includes Strategic Value Partners, MBK Partners, Fortress Investment Group and Polus Capital Management.
