VW Group Has Potential Buyers for Italdesign | Carscoops
Audi is currently conducting a due diligence process in preparation for a possible sale of Italdesign.
The renowned design firm reported revenues of $374 million last year and operates profitably.
Reports indicate that Audi has already received four or five expressions of interest regarding Italdesign.
Since 2015, the Italian design studio has been solely owned by Audi.
The Volkswagen Group is contemplating either selling Italdesign or seeking a new partner as it aims to revamp its operations in Germany. The car manufacturing giant is exploring options to strengthen its financial position amidst intensifying competition from other manufacturers, particularly those based in China. Divesting Italdesign could provide valuable funds for developing new and attractive models.
Italdesign was established as Studi Italiania Realizzazione Prototipi in 1968 by the celebrated designer Giorgetto Giugiaro and Aldo Mantovani. In 2010, Audi acquired 90.1% of the design house’s shares for an undisclosed sum. Giugiaro left the company in 2015, transferring his remaining shares to Audi.
Sources indicate that representatives from the Fiom and FIM Cisl labor unions are aware of Audi's consideration of a potential sale of Italdesign or possibly seeking a partnership. According to Reuters, the VW Group has received several expressions of interest in the company but is reportedly not inclined to sell it to a competitor or a financial organization. Union representatives held discussions with Italdesign management earlier this week as negotiations progress.
Gianni Mannori from the Fiom union stated that Italdesign management has been charged with identifying a buyer, a process that could extend over several months. Meanwhile, Audi is believed to be conducting due diligence to prepare for forthcoming decisions.
Italdesign currently employs around 1,350 individuals, predominantly in Turin. It generated €332 million (approximately $374 million) last year and is deemed profitable by Mannori.
Audi's challenges are merely a glimpse of the broader issues facing the entire VW Group, which has numerous concerns. The Volkswagen brand itself is encountering several difficulties. Late last year, the company announced plans to cut over 35,000 jobs in Germany and reduce its production capacity in the country. The aim is to better match supply with demand and achieve savings of up to €15 billion ($15.6 billion) annually.
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VW Group Has Potential Buyers for Italdesign | Carscoops
Audi is conducting a due diligence process in anticipation of a possible sale of Italdesign.