Brussels, 09/06/2010 (Agence Europe) - On Wednesday 9 June, the European Commission authorised €16 million of regional investment aid, which the Italian authorities intend to grant to Fiat Powertrain Technologies S.p.A. (FPT), a subsidiary of the Fiat Group, for the production of car transmissions in Verrone (Piemonte), Italy. FPT's existing plant will be equipped with new machinery, heat treatment and assembly lines to produce an innovative transmission unit intended for mid-range vehicles. The investment is expected to create 600 new jobs once full production is reached in 2013. The Commission found the measure to be compatible with the requirements of the Regional Aid Guidelines 2007-2013 and in particular with the rules on large investment projects, because FPT will not significantly increase its production capacity and the investment takes place in a growing market. “In these difficult times, innovating and creating jobs is of utmost importance. Fiat Powertrain's investment project is expected to achieve this without unduly distorting competition", said Commission Vice President and Competition Commissioner Joaquín Almunia. (O.L./transl.fl)