VW Takes Majority Stake In Italian Auto Designer

BERLIN (AP) -- Germany's Volkswagen AG says it is taking a majority stake in Italian auto designer Italdesign Giugiaro SpA.

Volkswagen said Tuesday that its Audi unit's Lamborghini SpA subsidiary will take a 90.1 stake in Giugiaro -- including the brand name rights and patents. The remainder of the shares will stay with the current owner, the Giugiaro family.

Volkswagen did not give a price for the acquisition. It noted that the two companies have cooperated for decades, with Giugiaro producing design concepts for the Volkswagen Golf, Passat and Scirocco along with the Audi 80.

Volkswagen CEO Martin Winterkorn said that his company "will benefit from the capacity and competence of Italdesign," which will make an "important contribution" to its future growth strategy.

More in Supply Chain