Volkswagen has acquired 90% of design and development services company Italdesign Giugiaro, subject to regulatory approval.
Announcing the news this morning (25 May) at a joint press conference in Turin, the automaker said it had purchased a 90.1% stake in Italdesign as well as the brand name, rights and patents.
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Shares are being acquired by Audi‘s Italian subsidiary Lamborghini Holding, with the remainder staying with the Giugiaro family.
“Italdesign is the flagship for creative Italian automobile design and has been instrumental in shaping the face of the automobile industry worldwide,” said VW chairman Martin Winterkorn.
“As the creator of the Golf I, Giorgetto Giugiaro laid a new foundation for Volkswagen design in the 1970s,” he added, noting Giugiaro had also helped with the first Passat, Scirocco and Audi 80 models.
Following a framework agreement sealed in 2008, VW and Italdesign will also collaborate on projects such as the planned Up! model family.
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By GlobalData“The Volkswagen Group will be continuing its model initiative during the coming years and will benefit from the capacity and competence of Italdesign,” said Winterkorn, adding: “The company will therefore be making an important contribution to our 2018 global growth strategy.”
Founded in Turin by Giorgetto Giugiaro and Aldo Mantovani in 1968, Italdesign now has sales of more than EUR100m (US$122m) and a workforce of around 800.
VW will retain Italdesign workers
COMMENT: VW would acquire well-seasoned vehicle developer
