Government intervention: SAAB and Fouriertransform

Bloomberg reports:

Saab Automobile, the carmaker owned by Spyker Cars NV, has agreed with the Swedish government to set up a venture to develop transmissions for the auto industry.

Saab and Fouriertransform AB, the Swedish government’s venture-capital firm, will staff the company with about 50 engineers from Saab’s powertrain division, the companies said today in a joint statement on the Fouriertransform website.

The venture, which will be formed at the start of 2011, will develop transmission systems, such as gearboxes, for Saab and other carmakers, the companies said.

Fouriertransform is described on its website as

a state-owned venture capital company with a task to, on a commercial basis, strengthen the international competitiveness of the Swedish automotive cluster. The company has a total investment framework of SEK 3 billion and, in addition to providing capital, its well-qualified employees and network of experts contribute their own expertise.