Winterthur, Switzerland -- Rieter Automotive has agreed to sell its Italian design, modelling and engineering firm, Idea Institute SpA, to focus on its core business, a 16 June Rieter statement said.
The unit, which has automotive customers in Europe and some emerging economies, will be acquired by Swiss investment company Quantum Kapital AG, of St. Gall, Switzerland.
The deal is expected to close in a few weeks. Financial details were not disclosed.
Idea Institute is based in Turin, Italy, employing 155 staff. (RD)