Volkswagen announced today that it has completed the acquisition of the majority shareholding in Italdesign Giugiaro S.p.A. (IDG), Turin. The German automaker now holds a 90.1 percent stake in IDG, including the brand name rights and patents.
“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,” said Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft. “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.
IDG was founded in Turin by Giorgetto Giugiaro and Aldo Mantovani in 1968. Giugiaro made a name for himself by designing the Golf I, and has also worked on concepts for other models such as the first Volkswagen Passat, Scirocco and the Audi 80.
– By: Omar Rana