Swiss textile-to-car components group Rieter is selling Turin based Idea Institute, which it has owned since 2000, to fellow Swiss company Quantam Kapital.

The purchase price was not revealed and the deal should be completed within weeks.

IDEA, a design, modeling and engineering firm, is part of Rieter’s automotive systems division and the sale is part of a cost cutting programme and focus on core activities aimed at returning the company to profit.

IDEA. employs around 150 people, most in Italy, with branch offices in China and Brazil. Quantum Kapital is an investment company.