5th Jul 2016 12:55
LONDON (Alliance News) - Engineering consultant Ricardo PLC on Tuesday said it has agreed to acquire Motorcycle Engineering Italia Srl, which owns Exnovo Srl.
Motorcycle Engineering Italia is a motorcycle, urban mobility, industrial design and engineering business, and the pair have been in business together since February 2014 when they signed a memorandum of understanding to explore motorcycle sector business opportunities.
Exnovo, Motorcycle Engineering Italia's operating unit, is based in Coriano in Italy and specialises in services to motorcycle makers, such as styling, design, and prototype-build services.
Ricardo said the deal will boost its position in the scooter, motorcycle and urban mobility market and will be integrated in its existing Ricardo Motorcycle division.
Financial details on the acquisition were not disclosed.
"Exnovo has a well-established market reputation which, when combined with Ricardo Motorcycle, will enable the Ricardo business to further enhance its position as a truly global development partner to motorcycle OEMs around the world. It will also add valuable industrial design and urban mobility capability to the group," said Ricardo Chief Executive Dave Shemmans.
Ricardo shares were down 0.2% to 729.56 pence Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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