Volvo To Buy 60% Stake In Swiss Electromobility Company Designwerk Technologies

Sweden's Volvo Group (VOLVY.PK) Monday said it signed definitive agreements to acquire 60 percent of Designwerk Technologies AG, a Swiss engineering company.

Completion of the deal is expected to occur in the coming weeks. The transaction has no significant impact on the Volvo's earnings or financial position.

Following the deal closure, Designwerk will continue to operate as a standalone company.

Designwerk develops and sells electromobility products and engineering services within electromobility eco-systems. The company offers customized electric trucks under the brand Futuricum, mobile rapid chargers and high voltage battery systems.

Volvo expects the investment in Designwerk would complement its current capabilities when it comes to niche products and solutions.

Lars Stenqvist, Volvo Group Chief Technology Officer, said, "Designwerk Technologies have strong competencies within electromobility, focused on developing, prototyping and producing low volume niche products in the entire industrial electromobility spectrum, which makes it a great complement to the Volvo Group's capabilities. This investment will support the Volvo Group transition towards climate neutral transport solutions across segments."

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