Volkswagen intends to buy a controlling stake of the Italian design studio Italdesign Giugiaro. According to the publication of Automotive News Europe, the deal will officially be announced next week. So far, representatives of both companies refuse to give any statement.
Buying Giugiaro studio is associated with the German group plans to achieve growth in sales of its models to 10 million per year to 2018. To achieve that the Volkswagen Group plans to release a dozen new models but they need new designers and fresh ideas.
Studio Italdesign Giugiaro whose headquarters is located not far from Turin was founded by Giorgio Giugiaro in 1968. The company now employs 975 employees, Giugiaro himself is Chairman of the Board of Directors. His son Fabrizio is head of the division responsible for the design of automobiles.
According to Automotive News Europe where the studio gets part of the group Volkswagen, Giorgio and Fabrizio Giugiaro will retain their posts.
The current financial situation of Italdesign Giugiaro is not known. It is known however that during 2008 the company’s debts have increased by 6.2% and are now 136 million euros.
