Punch Group Acquires General Motors Propulsion Engineering Center in Turin, Italy
Agreement ensures continued operations and employment for Turin workforce
2020-02-27
TURIN, Italy — Punch Group and General Motors announced today that Punch Group has acquired GM’s propulsion engineering center in Turin. The transaction between the two companies includes an engineering services agreement to support GM’s global product programs through the end of 2021.
The agreement ensures the ongoing viability of the engineering center and employment of its workforce. Punch Group plans to reposition the company with developments for new market segments while continuing to provide engineering services to GM.
Since 2005, Turin served as a global center of excellence for diesel propulsion systems and electronics for GM.
“This addition to our global portfolio will help the Punch Group execute our vision to be the leading integrator and manufacturer of driveline solutions,” said Punch Group Founder and CEO Guido Dumarey. “The focus of this business will be to deliver world-class engineering services to GM and new clients. This includes developing engine applications for new segments, supporting the manufacturing of engines, and providing both engine and transmission solutions in markets worldwide.”
“Our skilled workforce in mechanical and electronic engineering, combined with our agile mindset, positions us well to propel and grow this business into the future,” said Pierpaolo Antonioli, managing director of the engineering center.
For GM, the agreement is intended to ensure the continuity of engineering services on key GM programs, as the company continues to transform and consolidate its global engineering organization.
“We wanted the best solution for our employees and our company – the transfer of ownership to Punch Group, in addition to an engineering services agreement, does just that,” said Doug Parks, executive vice president, GM. “The work will continue to support our global operations and allow us to focus our internal efforts on long-term solutions.”
Employees of GM Turin are now employees of Punch Group effective today and will continue to support future GM programs through the ESA. The two companies will continue to work together to ensure a smooth transition from GM to Punch Group.