MILAN (AP) — Fiat Chrysler Automobiles has announced it will spin off the Magneti Marelli components business as part of its five-year plan to be announced in June.

FCA CEO Sergio Marchionne said in a statement Thursday that the move would allow the Italian-American automotive company to focus on its core business while giving the components business "the operational flexibility" necessary for growth in the coming years.

Under the spin-off, shares will be distributed to FCA investors. The separation is expected to be completed by early 2019, with shares of Magneti Marelli listed on the Milan Stock Exchange.

Marchionne has promised investors a final business plan before stepping down early next year. During his tenure, he has spun off the CNH industrial group as well as Ferrari.