Volkswagen AG, the family-controlled car manufacturer, announced yesterday it is to take a 90.1% stake in the family-owned design and development company Italdesign Giugiaro.
Financial terms of the deal were not disclosed, however VW said it would acquire the share from Italdesign's current family owners, the Giugiaro family, through its Lamborghini brand. The founding family will retain the remaining shares.
"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," said Dr Martin Winterkorn, VW's non-family chairman. "The company will therefore be making an important contribution to our 2018 global growth strategy."
Italdesign is the company behind some of VW's best selling brands, including the Golf, Passat and the Audi 80. Founded in 1968 by Giorgetto Giugiaro and Aldo Mantovani, Italy-based Italdesign today has revenues of €100 million and several second-generation family members working alongside the founders.
"Becoming part of the Volkswagen Group means revaluating ourselves and our strength. Entering Volkswagen means to open up a promising perspective for the company," said founder Giorgetto Giugiaro.
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