By Cecilia Butini

Porsche AG said Monday that it has founded a joint venture together with its subsidiary MHP Management- und IT-Beratung GmbH and German insurer Munich Re.

The joint venture, FlexFactory GmbH, operates as a consultancy and business enabler, Porsche said, with the goal of helping customers in the manufacturing industry to implement innovation.

Porsche will contribute its manufacturing expertise to the consultancy, MHP will work on digital process optimization, and Munich Re will provide finance and insurance models, Porsche said.

Porsche and MHP each hold 25% of the shares in the venture, and Munich Re holds the remaining 50%, according to Porsche.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

November 16, 2020 04:51 ET (09:51 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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