PARIS – The Lagardere Groupe has agreed to sell the automotive engineering, testing and prototype production business of its defunct Matra Automobiles unit to Pininfarina S.p.A.
Terms of the deal weren't disclosed, according to Dow Jones News Service.
Lagardere said in a statement that the sale, which must still receive official approval, follows its decision to get out of the automobile business. Earlier this year, Lagardere pulled the plug on the Avantime, an up-market sedan that it manufactured and sold by Renault. The high-tech car was the only car made by Matra and was a commercial flop.