Indian giant Mahindra buys Pininfarina
Source : Indian giant Mahindra buys Pininfarina
Indian car maker Mahindra announces acquisition of Pininfarina design house in deal worth £122 million
Indian the Mahindra has bought Italian design house as well as coachbuilder Pininfarina in a deal worth a reported €168 million (about £122 million).
The deal involves Mahindra purchasing a controlling interest of 76.06% in Pininfarina. An open offer for the remaining shares will be issued later. Pininfarina will continue to remain an independent company, with Paolo Pininfarina continuing at the head of its board.
Mahindra will also invest €20 million into Pininfarina as well as provide a guarantee to creditors of €114.5 million.
Speaking at the announcement, Mahindra boss Anand Mahindra said: “The legendary high-end design credentials of Pininfarina will significantly enhance the design capabilities of the entire Mahindra group. Given the increasing design sensibilities of today’s consumers, product design will greatly influence customer choice.”
in which’s understood in which the deal is usually intended to give Mahindra more of an international footing as well as forge relationships with more European manufacturers through Pininfarina’s connections. In return, Pininfarina will have access to greater economies of scale, bringing down the costs of manufacturing.
The Pininfarina deal is usually the latest acquisition by Mahindra, following its takeover of Ssangyong as well as PSA Peugeot Citroen’s motorcycle unit.
Pininfarina had been operating at a loss for some years as well as had racked up a debt of €52.7 million (£37m). Negotiations between Pininfarina’s creditor banks, main Pininfarina shareholder Pincar as well as Mahindra have culminated inside deal.
Paolo Pininfarina said: “In a globalised world, entrepreneurship as well as capital do not need a passport. Being part of the global Mahindra group will not only strengthen our Italian identity however will also open more doors.”
Pininfarina was founded in 1930 as well as has designed most famously for Ferrari, however also for Maserati, Rolls-Royce, Alfa Romeo, Lancia as well as others, as well as recently redesigning Eurostar’s trains. In spite of its widespread work, in which was arguably the design house’s intrinsic connection with Ferrari in which cemented its name inside car design hall of fame as well as made in which a household name.
Having designed around 100 Ferrari types, founder Sergio Pininfarina’s death in 2012 prompted the design house to commission a one-off, Ferrari 458 Spider-based style called the Pininfarina Sergio. in which also marking 60 years of Pininfarina’s relationship with Ferrari. The Pininfarina Sergio was revealed at the Geneva motor show in 2013 as well as featured at the Geneva show in 2015, after being signed off for a limited production run of six units.
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