Aston Martin to get £150m investment from Italian firmDecember 7, 2012 - 17:18 AMT PanARMENIAN.Net - Aston Martin is to receive a £150m investment from Italian private equity firm Investindustrial in exchange for a 37.5% stake in the business. The Warwickshire-based carmaker will put the money towards the more than £500m it plans to spend on new models over the next five years. Kuwait's Investment Dar retains its major shareholding in the carmaker. Aston Martin has been looking for fresh investment to allow it to compete with rivals such as Porsche and Ferrari. "[The partnership] is about investing for the future," David Richards, chairman of the firm, told the BBC. "There's no getting away from the fact we have to invest a lot of money for new product over the next few years. This investment will allow us to accelerate that program. The one appeal about a financial investor to us is the opportunity to speak with a number of engine and technology suppliers... It gives us far more flexibility than had we tied ourselves to a number of people who approached us about partnering with us." Investindustrial held a stake in Italian motorbike company Ducati before selling to German carmaker Audi earlier this year. Senior principal Andrea Bonomi said his firm was "delighted to form part of this iconic, but quintessentially British, brand". Aston Martin, best known for its association with James Bond, will celebrate its 100th anniversary next year. The company was sold in 2007 by Ford for £479m to a consortium led by Investment Dar. It has since expanded into China, but sales in the UK and North America have been hit by the financial crisis. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. |