Volkswagen AG has agreed to purchase 90.1 percent of VW Golf designer Italdesign-Giugiaro SpA to beef up the German automaker's design staff. The Italian studio will turn into part of VW's Lamborghini brand, the automaker mentioned in a statement from Wolfsburg, Germany.
Giorgetto Giugiaro and Aldo Mantovani founded Italdesign in Turin, Italy, in 1968. It now employs about 1000. Household owners of the closely held corporation will preserve the 9.9 % VW isn't buying.
Monetary terms of your deal had been not released. VW wants to expand globally and in North America over the coming decade. It's working to overtake Toyota permanently as the world's largest automaker by volume and has set a aim of 800,000 units inside the U.S. marketplace by 2016 from about 300,000 at present. It will rely on Giugiaro to offer the quality and quantity of car designs necessary to fulfill those aggressive goals.
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