WASHINGTON (dpa-AFX) - Volkswagen AG (VOW3.DE, VWAGY), on Monday, agreed with the State of Lower Saxony and Aurelius Capital on key terms for the potential sale of Volkswagen Osnabrück GmbH.
The company plans to phase out vehicle production at Osnabrück in summer 2027.
The company said that Aurelius would become the majority owner, while Lower Saxony would also take a stake.
The site is planned to become a competence center for security and defense solutions.
Aurelius and Lower Saxony, together with Rafael Advanced Defense Systems, are planning an initial project to manufacture systems and components for air defense systems for Germany and Europe.
The company will support the transition by contributing industrial expertise, development and production capabilities, and existing infrastructure.
The transaction remains subject to final agreements, corporate approvals and regulatory reviews.
Volkswagen AG is currently trading 0.31% lesser at EUR 81.50 on the XETRA.
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