VW ACQUIRES 90.1 PERCENT OF ITALDESIGN GIUGIARO
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Published on Tue, May 25, 2010
By: The LACar Editorial Staff
The Giugiaro-designed Scirocco Wolfsburg/Turin, 25 May 2010—The Volkswagen Group and Italdesign Giugiaro S.p.A. (IDG), Turin, announced that VW will take a 90.1 percent stake in IDG, including the brand name rights and patents. The shares are being acquired by AUDI's Italian subsidiary Lamborghini Holding S.p.A. The remaining shares will stay in the possession of the present owner family Giugiaro. "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 Golf I, Giorgetto Giugiaro laid a new 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 had a relationship with IDG for many decades. Giugiaro made a name for himself not only with the Golf I (known originally as the Rabbit in the USA), but also with concepts for important models such as the first Volkswagen Passat, Scirocco and the Audi 80. Volkswagen and IDG are also collaborating closely on ongoing projects such as the planned Volkswagen Up! model family. Implementation of the agreement is also subject to the standard approval by the relevant authorities. "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. Today, the company generates sales of over €100 million and has a workforce of some 800 employees. "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 revaluating ourselves and our strength. Entering Volkswagen means to open up a promising perspective for the company," Giorgetto Giugiaro said.