FROM FORBES: Italian car designer and builder Pininfarina has agreed to sell its Grugliasco auto assembly and painting business to Innovation in Auto Industry SpA for euro2 million ($3 million), the company announced Thursday.
The deal is part of the northern Italian company’s efforts to downsize and focus its business on design, engineering and producing more environmentally friendly technologies, including electric cars, as outlined in its new industrial plan last December.
Pininfarina, which is best known for its designs but also works as a contract car builder, saw its financial position significantly weakened by the global downturn in the auto business last year, which struck the contract business especially hard. MORE>
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