VW TAKES MAJORITY SHAREHOLDING IN ITALDESIGN GIUGIARO
The Volkswagen Group and Italdesign Giugiaro SpA (IDG) are to intensify their cooperation following Volkswagen Group's decision to take a 90.1% stake in IDG, including the brand name rights and patents.
The shares are being acquired by Audi's Italian subsidiary, Lamborghini Holding SpA. The remaining shares will stay in the possession of the present owner, the Giugiaro family.
"With this shareholding in Italdesign, we are participating in one of the most renowned design and development companies, with one of the richest traditions in the automobile industry.
"Italdesign is the flagship for creative Italian automobile design and has been instrumental in shaping the face of the automobile industry worldwide. As the creator of the Mk1 Golf, Giorgetto Giugiaro laid a foundation for Volkswagen design in the 1970s," Prof Dr Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, commented in Turin.
The Volkswagen Group has enjoyed cooperation with IDG for many decades. Giugiaro made a name for himself not only with the Golf, but also with concepts for models such as the first Passat, Scirocco and the Audi 80. Volkswagen and IDG are also collaborating closely on ongoing projects such as the planned Volkswagen Up! family.
"A new era in the strategic partnership between our companies begins today. Italdesign becomes a permanent member of the global Volkswagen family," Winterkorn said.
"The Volkswagen Group will be continuing its model initiative over the coming years and will benefit from the capacity and competence of Italdesign. The company will, therefore, be making an important contribution to our 2018 global growth strategy," Winterkorn continued.
IDG was founded in Turin by Giorgetto Giugiaro and Aldo Mantovani in 1968. Both founders are considered pioneers of modern Italian automobile design. Italdesign has also acquired a reputation worldwide as a highly competent development center. Today, the company generates business of over €100 million and has a workforce of 800 employees.
Using more flambuoyant language to describe the buyout, Giorgetto Giugiaro said: "Every drop becomes the sea when it flows oceanward. In the last few days I ran into this sentence while I was reading Sophie`s World by the Norwegian novelist Jostein Gaardner.
"We are the drop. Becoming part of the Volkswagen Group means reevaluating ourselves and our strengths. Entering Volkswagen means to open up a promising perspective for the company."