Volkswagen Group Officially Buys 90% Stake In Italdesign Giugiaro
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True to what was reported last week, Volkswagen Group has made a formal announcement regarding the purchase of a 90.1 percent stake in Italdesign Giugiaro, Italy's legendary and largest design and engineering firm responsible for designing the very first Volkswagen Golf and Proton Emas hybrid concepts among many others. The deal has been structured to include all brand name rights and patents under Italdesign Giugiaro.
Lamborghini, an Italian subsidiary company under the Volkswagen Group, has acquired the 90.1 percent stake, with the other 9.9 percent stake to remain in the Giugiaro family. Considered one of the pioneers of modern Italian automobile design, Giorgetto Giugiaro, now 71, co-founded the company in 1968, and has held a majority stake in Italdesign Giugiaro until now.
“Italdesign is the flagship for creative Italian automobile design and has been instrumental in shaping the face of the automobile industry worldwide”, Volkswagen Group chairman Martin Winterkorn said. “A new era in the strategic partnership between our companies begins today. Italdesign becomes a permanent member of the global Volkswagen family”.
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