ITALY: VW formally acquires majority of Italdesign
Volkswagen Group has completed the acquisition of the majority shareholding in Italdesign Giugiaro (IDG).
The automaker now holds a 90.1% stake in IDG, including the brand name rights and patents. Ralf-Gerhard Willner and Salvatore Cieri have been appointed to the executive committee of the board of directors of IDG.
"Italdesign has now become a permanent member of the Volkswagen Group," said VW chairman Martin Winterkorn.
"Given the full order books and projects, the perspectives are better than ever. In view of our ongoing model initiative and the associated development and design assignments, we will be expanding Italdesign's team."
Giorgetto Giugiaro becomes chairman of the executive committee, Fabrizio Giugiaro is vice president, while Enzo Pacella will be managing director.
Concept development head Ralf-Gerhard Willner at the Volkswagen passenger cars brand in Wolfsburg is also appointed, having previously held the same function at Audi in Ingolstadt.
Salvatore Cieri will join the executive committee as managing director at IDG. He is currently the member of the board responsible for administration, finance and controlling at Automobili Lamborghini.
Volkswagen has cooperated with IDG for a significant time, with Giugiaro associated with the original Golf I launched in the early 1970s but also with concepts for models such as the first Passat, Scirocco and Audi 80.
The shareholding has been acquired by Audi's Italian subsidiary Automobili Lamborghini Holding. The remaining shares will stay in the possession of the present owner - the Giugiaro family.