VW takes control of Italdesign Giugario
The Volkswagen Group will 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 family Giugiaro.
Martin Winterkorn, chairman of the board of management of Volkswagen Aktiengesellschaf, said: 'A new era in the strategic partnership between our companies begins today. Italdesign becomes a permanent member of the global Volkswagen family. 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.'
IDG was founded in Turin by Giorgetto Giugiaro and Aldo Mantovani in 1968 and, according to Mr Winterkorn, has become 'one of the most renowned design and development companies with one of the richest traditions in the automobile industry'. Recently IDG has worked with VW on the design of the forthcoming Up! range of fuel-efficient small cars.
Giorgetto Giugiaro said of the deal: 'Becoming part of the Volkswagen Group means revaluating ourselves and our strength. Entering Volkswagen means to open up a promising perspective for the company.'For more of the latest industry news, click here.