Currently undergoing a US$125m (€112m, £80m) redevelopment to celebrate its 20th anniversary, the Peterson Automotive Museum in Los Angeles has said it will open on budget and in line with its original schedule.

Set to reopen on 5 December, having closed in October 2014, the museum is being clad with a new exterior by Kohn Pedersen Fox Associates. The exterior will comprise a stainless steel shell following multiple contours in ribbon-like form over the red building to give a unique iconic look to the museum, which will at night be lit with LEDs to accentuate the sculptural facade of the structure.

The museum’s interior is also being reworked by House & Robertson and Scenic Route, with 15,000sq ft (1,393sq m) of exhibition space being added, while redesigned galleries will include better lighting, digital displays and learning stations telling the story of man and machine in the 21st century.

The museum’s permanent collection is also being expanded and restored to include historically significant vehicles such as hot rods, race cars, alternative fuel models and automobiles with a Hollywood heritage.

Specialists involved with the transformation include architectural metal experts Zahner, structural engineers Saiful Bouquet and construction company MATT Construction.

"We're on track and we're on budget," said the Petersen’s executive director, Terry Karges, while announcing a new food partnership, which will see the Drago restaurant family operate the museum’s ground floor and fourth floor dining options. The museum has also reached an agreement with Pixar Animation to add branded displays from Cars to the museum, while relationships have also been formed with Ford, BMW, Maserati, The Automobile Association of America, X-Box and AIG.

The Petersen Automotive Museum announces plans for a revamp