I.DE.A. Institute wants to acquire contracts dropped by Italdesign

Article by Christian Andrei, on December 3, 2010

I.DE.A. Institute S.p.A. is on the lookout to enter new contracts with carmakers that don’t anymore do business with competitor Italdesign Giugiaro S.p.A. Since Volkswagen AG took over Italdesign last May, it has mainly been focused on projects for VW's 10 brands.

I.DE.A. Institute, Italy's third-largest automotive design and engineering firm, is eyeing the estimated 70 million euros ($95 million) worth of annual contracts with other carmakers.

In a recent interview at I.DE.A.’s headquarters in Turin, Chairman Steffen Goerig said that it has received calls from several companies -- European and Chinese automakers that previously worked with Italdesign.

The 41-year-old Goerig is a Stuttgart native who got a degree in mechanical engineering and earned an MBA at New York University. He worked at the London office of US merger specialist Bankers Trust for three years. He then started his own business.

In 1997, he bought a bankrupt packaging company that he turned around and sold at a profit. In 2008, Goerig founded Swiss firm Quantum Kapital AG, which specializes in corporate turnarounds.

He added that the company looks for “debt-free, distressed companies” that have a revenue of at least 12 million euros annually. [via autonews - sub. required]

Topics: italdesign

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