April 15, 2019 / 10:21 AM / 6 months ago

Audi to shed stakes in development service providers: Automobilwoche

FILE PHOTO: The logo of Audi carmaker is seen at the entrance of a showroom in Nice, France, April 8, 2019. REUTERS/Eric Gaillard

MUNICH (Reuters) - Audi wants to sell its stakes in two development service providers, a German trade magazine reported on Monday, citing unnamed corporate sources.

Automobilwoche said the Volkswagen subsidiary faced overcapacity in development and wanted to shed its 49 percent stake in PSW Engineering, which has 1,000 workers, and divest its subsidiary CSI Entwicklungstechnik, which has 700 staff.

Audi didn’t rule out changes. In a statement, Audi said that its active portfolio management can lead to adjustments in ownership structure.

Reporting by Alexander Huebner; Writing by Tom Sims; Editing by Tassilo Hummel; Editing by Kirsten Donovan

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