VW says it will buy designer Italdesign Giugiaro

25th May 2010, Comments 0 comments

Europe's biggest carmaker, Volkswagen, said Tuesday it would buy 90.1 percent of the design group Italdesign Giugiaro for an undisclosed amount.

The Italian firm, of which the Giugiaro family will retain 9.9 percent, was founded in 1968, posts annual sales of around 100 million euros (123 million dollars) and employs some 800 workers, a VW statement said.

Giugiaro will "be making an important contribution to our 2018 global growth strategy," it quoted VW chairman Martin Winterkorn as saying.

VW has worked with the Italian design firm since the 1970s, when it helped develop the first Golf model, one of the German group's biggest successes.

© 2010 AFP

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