May 25, 2010

Volkswagen Group takes majority shareholding in Italdesign Giugiaro

Volkswagen takes 90.1 percent stake in Italdesign Giugiaro

The Volkswagen Group and Italdesign Giugiaro S.p.A. (IDG), Turin, are to intensify their successful cooperation, putting it on a new footing. This was announced by both companies at a joint press conference in Turin on Tuesday. The Volkswagen Group will take a 90.1 percent stake in IDG, including the brand name rights and patents. The remaining shares will stay in the possession of the present owner families. "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 enjoyed successful cooperation with IDG for many decades. Giugiaro made a name for himself not only with the Golf 1, but also with concepts for important models such as the first Volkswagen Passat, Scirocco or the Audi 80. A comprehensive development framework agreement was concluded in 2008. Volkswagen and IDG are also collaborating closely on ongoing projects such as the planned Volkswagen Up! model family. "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. Italdesign has also acquired a reputation worldwide as a highly-competent development center. Today, the company generates sales of over €100 million and has a workforce of some 800 employees.bdquo;«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 that drop. Becoming part of the Volkswagen Group means revaluating ourselves and our strength. Entering Volkswagen means more security for our future Giorgetto Giugiaro said. 

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