Dec 10 (Reuters) – Volkswagen’s Audi Group said on Wednesday it had entered a strategic partnership with U.S.-based technology company UST, which will acquire a majority stake in Italy-based design and engineering unit Italdesign. The deal, subject to regulatory approval, will keep Audi as a long-term strategic partner and key client of Italdesign. Financial terms […]
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US tech firm UST partners with Volkswagen’s Audi, takes majority stake in Italdesign
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Dec 10 (Reuters) – Volkswagen’s Audi Group said on Wednesday it had entered a strategic partnership with U.S.-based technology company UST, which will acquire a majority stake in Italy-based design and engineering unit Italdesign.
The deal, subject to regulatory approval, will keep Audi as a long-term strategic partner and key client of Italdesign. Financial terms were not disclosed.
UST said the acquisition will help Italdesign expand globally through UST’s network in over 30 countries.
Italdesign CEO Antonio Casu added the partnership will help the firm deepen its presence in international markets and broaden its service portfolio.
Italdesign, founded in 1968 by Giorgetto Giugiaro, one of the world’s most influential car designers, became part of Volkswagen in 2010 and was fully acquired in 2015.
Known for creating models such as Volkswagen Golf, Fiat Grande Punto, Alfa Romeo 159 and Audi Q2, the Turin-based firm employs over 1,300 people and posted a record turnover of 332 million euros ($388 million) last year.
(Reporting by Laura Contemori; Editing by Matt Scuffham)