After a four-way bidding war Italian manufacturer Fiat has been approved to purchase Bertone’s contract manufacturing business.
As part of the purchase agreement, Fiat will invest US$215.9 million into the struggling manufacturer over the next three years.
Bertone, a name often associated with some of automotive history's classics such as the Lamborghini Miura, will not lose the family control of its design arm with this part of the operation to remain "as is".
Fiat’s purchase will only cover the firm’s manufacturing operations and it will use its purchase of Bertone to gain access to the company’s Turin (Italy) production facility.
Fiat CEO Sergio Marchionne revealed the Italian automaker will produce niche vehicles at the factory, but failed to give any specific model names. The vehicles made at the Turin factory will be sold in Europe as well as North America.
Bertone was founded in 1912 and is currently Italy’s oldest contract manufacturer.