Volkswagen To Buy Carbuilder Karmann And Produce New Model

German carmaker Volkswagen AG said Friday it will buy some assets of German contract carbuilder Wilhelm Karmann GmbH to create a new manufacturing subsidiary that will eventually build a new car model.

Volkswagen said it will begin vehicle production at Karmann's main Osnabrueck, Germany, site and headquarters in 2011, but did not specify what new car it would produce there. It didn't release any financial details.

In a short statement, VW, based in Wolfsburg, said its supervisory board approved the acquisition of land, machinery and equipment formerly belonging to the Karmann holding company at the Osnabrueck site.


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