MILAN: Italian truck and tractor maker Fiat Industrial SpA cut its 2013 targets after sales in recession-hit Europe continued to fall, pushing its truck unit to a first-quarter loss that missed analysts’ expectations.
The company, which competes with Caterpillar Inc and Deere & Co, said on Tuesday it now saw truck sales in the European market falling by between 5% and 10% in 2013, slashing a forecast made as recently as January that the truck market would be flat this year. – Reuters
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