The Volkswagen Group has completed its takeover of Italdesign Giugiaro (IDG) with the purchase of a 90.1 percent stake in the design studio. The shares in the company were purchased by Lamborghini – "owned" by VW Group member Audi – and the remaining 9.9 stake is still in the hands of the Giugiaro family. The buyout was originally reported back in May of this year and the studio/small volume manufacturer are now part of the ever-expanding auto conglomerate. The top management of the company, including founder/chairman Giorgetto Giugiaro and his son and vice-president Fabrizio, remain in place.
Volkswagen and IDG have a relationship going back decades, when the elder Giugiaro penned the 1970 Volkswagen Porsche Tapiro Concept as well as the first generation Golf and Scirocco. It's unclear if IDG will continue working with outside clients or will now dedicate itself to VW Group projects.
- Full order books - Capacity to be expanded
- Cieri and Willner new Executive Committee members
Wolfsburg / Turin, 09 August 2010 - The Volkswagen Group has completed the acquisition of the majority shareholding in Italdesign Giugiaro S.p.A. (IDG), Turin. Volkswagen therefore now holds a 90.1 percent stake in IDG, including the brand name rights and patents. Ralf-Gerhard Willner (49) and Salvatore Cieri (53) have been appointed to the Executive Committee of the Board of Directors of IDG.
"Italdesign has now become a permanent member of the Volkswagen Group. Given the full order books and numerous interesting projects, the perspectives are better than ever," Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, stated. "In view of our ongoing model initiative and the associated development and design assignments, we will be expanding Italdesign's highly-motivated and productive team," Winterkorn added.
Giorgetto Giugiaro is Chairman of the Executive Committee, Fabrizio Giugiaro is Vice President, Enzo Pacella is Managing Director. Ralf-Gerhard Willner has now also been appointed to the body. He currently heads concept development at the Volkswagen Passenger Cars brand in Wolfsburg, having previously held the same function at Audi in Ingolstadt. Salvatore Cieri will also be joining the Executive Committee as Managing Director at IDG. He is currently the member of the Board of Directors responsible for Administration, Finance and Controlling at Automobili Lamborghini.
IDG was founded in Turin by Giorgetto Giugiaro and Aldo Mantovani in 1968. Volkswagen has enjoyed successful cooperation with IDG for many decades. Giugiaro made a name for himself not only with the Golf I, but also with concepts for important models such as the first Volkswagen Passat, Scirocco or the Audi 80. Italdesign has also acquired a reputation worldwide as a highly-competent development center. The shareholding has been acquired by Audi's Italian subsidiary Automobili Lamborghini Holding S.p.A. The remaining shares will stay in the possession of the present owner family Giugiaro.