PARIS German automaker Volkswagen AG announced it has acquired 90.1 percent of Italy-based Italdesign Giugiaro S.p.A, provider of automotive engineering services. The remaining 9.9 percent will continue to be with the Giugiaro family.
The acquisition which will take place through Audi's Italian subsidiary, Lamborghini Holding S.p.A, will include Italdesign's brand name rights and patents.
"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," stated Martin Winterkorn, CEO of Volkswagen.
He continued: "A new era in the strategic partnership between our companies begins today. Italdesign becomes a permanent member of the global Volkswagen family. 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."
Financial details of the transaction remained undisclosed.
Italdesign was founded in Turin by Giorgetto Giugiaro and Aldo Mantovani in 1968.
Headquartered in Moncalieri, near Turin, the company generates sales of over 100 million euros and employs some 800 people.