After weeks of speculation, things have been finally made official. The Volkswagen Group has announced that they have bought 90.1% of the Italian design company Italdesign, previously owned by the Giugiaro family. Unfortunately, they did not offer any financial details, so we do not know how much they paid for this transaction. The Giugiaro family will keep a 9.9% stake in the company Italdesign.
This move is part of the global expansion plan by Volkswagen, as Italdesign generates sales of over 100 million Euros and has a workforce of about 800 people. The 90.1% stakes in Giugiaro will be bought by Lamborghini Holding S.p.A, which is the subsidiary of Audi (which itself is the subsidiary of the Volkswagen Group).
Italdesign was founded by Giorgetto Giugiaro and Aldo Mantovani back in 1968 in Turin, Italy. The Volkswagen Group probably were satisfied with previous collaborations with Italdesign, as the Italian company designed some famous models of the German group, like the Audi 80, the Volkswagen Scirocco (the first one), the Volkswagen Passat (the first one) and the Volkswagen Golf I. Other important models designed by Italdesign include the Alfa Romeo Brera, the Alfa Romeo 159, the Alfa Romeo 156, the Fiat Grande Punto and others. Currently, neither of the two parts did not specify if Italdesign will continue working on projects for other automakers or if they will be working exclusively for Volkswagen.
Giorgetto Giugiaro, co-founder of Italdesign, has stated ``Becoming part of the Volkswagen Group means revaluating ourselves and our strength. Entering Volkswagen means to open up a promising perspective for the company``.
Martin Winterkorn, Volkswagen CEO, has said that ``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``.
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