Legendary Italian design firm Italdesign Giugiaro will sell a 90 percent stake to the Volkswagen Group, as the German firm looks to consolidate even more power in the automotive world.
“The Volkswagen Group will be continuing its model initiative over the coming years and will benefit from the capacity and competence of Italdesign,” said Volkswagen CEO Martin Winterkorn, in a statement released to the media. Italdesign’s patriarch, Giorgetto Giugiaro helped design the first generation Volkswagen Golf, Volkswagen’s most important product, along with the original Beetle.
For his part, Giugario felt that the move was necessary to ensure the survivability of his studio. “We have grown from a small studio to a substantial industrial organization which is able to deal with global automakers. There are times when individual egoism has to step back to ensure the future sustainability of jobs.” The price paid by VW for the firm was not disclosed to the media.
[Source: Automotive News]