The Volkswagen Group has entered into an agreement where it will acquire 90.1% of Italdesign Giugiaro S.p.A. The agreement was disclosed through a recent joint press conference in Turin. Under the agreement, Volkswagen will also obtain the rights to the name and patents of Italdesign Giugiaro.
The shares will be purchased by Lamborghini Holding S.p.A, the Italian subsidiary of Audi. Meanwhile all of the remaining shares will be retained by the Giugiaro family.
Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, shared during the press conference that with this agreement, Volkswagen will now have a part to play in a company known not only for its development and design but also for its rich history in the industry.
Winterkorn adds that not only has Italdesign been the leader when it comes to innovative Italian auto design but it also has been very influential in shaping the design of the auto industry into what it is today.
Winterkorn also reveals that when Giorgetto Giugiaro created the Golf I, it started the groundwork of the brand’s design during the 1970s. For years now, the company has had numerous successes in their partnership with Italdesign.
In fact, Giugiaro became well-known not simply for the Golf I but also in coming up with the concepts on what would become the Audi 80, the Scirocco, and even the Passat. Consequently in 2008, the two companies finished an all-inclusive development framework agreement.
The brand and Italdesign are also currently working on several projects, which include the Volkswagen Up! model family. As standard practice, the approval of the agreement between Volkswagen and Italdesign will remain subject to government regulators.
Winterkorn declared that the agreement marks a new period in the two companies’ collaboration with Italdesign (which has now become a permanent fixture in Volkswagen’s worldwide family).
Winterkorn adds that Volkswagen will greatly benefit from the ability and expertise that Italdesign brings with it as Volkswagen plans to continue the model initiative for the years to come. As such, Volkswagen will more than help contribute to its 2018 growth strategy, Winterkorn concludes. Italdesign was started by Aldo Mantovani and Giugiaro back in 1968 on Turin.
Today they are well-respected as the pioneers of modern Italian auto design. Since its inception, Italdesign has managed to gain high standing as a highly-skilled global development center.
At present, Italdesign reported sales of more than €100 million with 800 employees. Giugiaro quotes Jostein Gaardner’s Sophie`s World by saying that “every drop becomes the sea when it flows oceanward” and believes that Italdesign is the proverbial drop. Giugiaro adds that with Italdesign now a part of Volkswagen, it opens up a lot of opportunities for the company.