Volvo Cars to take over Pininfarina Sverige AB
The Swedish car firm and the Italian design company formed Pininfarina Sverige AB in 2003, with Volvo holding a 40% stake.
The facilities at Uddevalla currently make the C70 convertible and Volvo has said that operations there will continue without changes.
Stefan Jacoby, president & CEO, Volvo Car Corporation, said: 'The joint venture between Volvo Car Corporation and Pininfarina has been fruitful, a true win/win situation. When we now put an end to our cooperation it is with a mutual understanding and in a time with new challenges for both companies.'
Silvio Pietro Angori, CEO Pininfarina SpA, added: 'Epochal changes have occurred in the last three years, particularly in the automotive world. Pininfarina's future rests on design and engineering services, sustainable mobility and brand value enhancement. This is why, after a long-lasting and very successful cooperation with Volvo Car Corporation, we are now approaching our future on different basis.'
The take-over will take place in May 2013.For more of the latest industry news, click here.