At least 70 million euros (US$102.9 million) are to be spent by Italian car maker Fiat SpA to revamp its Pomigliano d'Arco manufacturing plant outside Naples and provide workers with training.
Fiat said late Tuesday that its goal is to improve the efficiency and competitiveness at the production facility so that it can later begin producing new car models.
"The objective is bring this plant to best-in-class performance levels and ensure that is be able to meet the conditions necessary for the allocation of production of new future models," the company said.
Fiat also said that in order to do so, the plant will be shut from Jan. 7 to March 2 at a cost of EUR40 million (US$58.8 million).
Fiat shares rose 1 percent to EUR17.94 (US$26.36) in Milan.