By Dominic Chopping

STOCKHOLM--Volvo AB said Monday it has agreed to buy 60% of Swiss engineering company Designwerk Technologies AG to support its transition toward climate-neutral transport solutions.

Designwerk Technologies develops and sells electromobility products and engineering services within electromobility ecosystems. It offers customized electric trucks under the brand Futuricum, mobile rapid chargers and high voltage battery systems.

"Designwerk Technologies have strong competencies within electromobility, focused on developing, prototyping and producing low volume niche products in the entire industrial electromobility spectrum, which makes it a great complement to the Volvo Group's capabilities," Lars Stenqvist, Volvo Group's chief technology officer, said.

Designwerk Technologies will continue to operate as a standalone company and the deal has no significant impact on Volvo's earnings or financial position, it said.

Completion is expected in the coming weeks.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

04-26-21 0309ET