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Junkyard Gem: 1993 UMC Aeromate Food Truck

One of my favorite things about living in the Mile High City is all the food trucks roaming the neighborhoods here. I'm a regular at such fine mobile eating establishments as Tacos el Huequito, Mikes2Kitchen, and Yuan Wonton, and I'm pleased that South Denver's metal-centric Brutal Poodle bar now has its own food truck. The sad part about food trucks, however, is that they're trucks, and sometimes old trucks wear out and have to be sent to the knacker's yard. Here's a once-ebullient Denver food truck that met that fate and now resides in a self-service yard just south of the city. This truck started out as a member of the extended UMC Aeromate family, built in Indiana by the company now known as Utilimaster. I couldn't find much useful information about this particular model, which seems to have the windshield and nose of one of the many UMC-based RVs instead of the typical long snout of most Aeromates. What I do know is that it's based on an early-1990s Chrysler minivan chassis, complete with 3.3-liter V6 engine and the instrument cluster out of a 1992 Plymouth Voyager. The 3.3 made 150 horsepower in 1993, and it was installed in Chrysler minivans through 2010. 150 horses (and 180 pound-feet) isn't much for a big truck packed with a complete kitchen, and the strain on a Torqueflite automatic transmission designed for a 3,400-pound minivan must have been severe. I think the drivetrain on this 29-year-old truck just couldn't hold up under the demands of a hard-working crew of sandwich entrepreneurs in the extreme weather and traffic conditions of High Plains Colorado. The county licensing sticker expired in late 2019, so it took a couple of years for this UMC to reach this place. Don't weep for the Little Big Sandwich Truck, though, because the LBST Empire upgraded to a newer, GM-built school bus a few years ago and appears to be slinging sandwiches outside Denver-area breweries to this day. The headlights and marker lights clearly came from a late-first-generation Dodge Caravan/Plymouth Voyager (the second-generation Chrysler minivans, which debuted in the 1991 model year, got different noses). The grille looks like typical RV equipment. I've seen a few junked ice cream trucks over the years, but somehow a sandwich truck with a stenciled snorkeling dachshund seems sadder. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.

FCA's UAW workers to get $8,010 profit-sharing payout

UAW workers at FCA will soon be receiving $8,010 checks, which represent profit-sharing based on the company's 2020 performance. Although FCA's profit margins in 2020 were slimmer than the year prior, the union-employee payouts are slightly larger, due to a change in the formula that was negotiated in 2019 and has now gone into effect. Employees are now paid $900 for every 1% of profit margin FCA achieves in its North American operations. For 2020, the company enjoyed an 8.9% profit margin, and although that was down slightly from 9.1% in 2019, the checks are larger than last year's $7,280 payout. Still, FCA employees didn't fare quite as well as their counterparts at GM, who stand to receive profit-sharing checks of up to $9,000. GM workers did even better last year, netting $10,000. UAW workers at Ford had less to celebrate. They'll receive $3,525, based on the company's 2020 performance. That's a steep drop from last year's $6,600. FCA earned $6.472 billion in North America in 2020. The company is expecting an improved financial performance in 2021, as it's expected to avoid another coronavirus-related shutdown. It's also expected to benefit from the launch of the three-row Grand Cherokee L, as well as the Jeep Wagoneer and Grand Wagoneer, all of which are high-margin products. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.