Pininfarina to be bought by Mahindra
Source : Pininfarina to be bought by Mahindra
Indian car giant Mahindra announces imminent acquisition of Pininfarina design house
Indian supplier received a Mahindra has agreed to buy out Italian design house in addition to coachbuilder Pininfarina within the next few weeks.
Pininfarina had been operating at a loss for some years in addition to had racked up a debt of €52.7 million (£37m). Negotiations between Pininfarina’s creditor banks, the main Pininfarina shareholder Pincar in addition to Mahindra have culminated inside deal, which includes the selling of Pincar’s shares in addition to reorganising the company debts.
Pininfarina was founded in 1930 in addition to has designed most famously for Ferrari, however also for Maserati, Rolls-Royce, Alfa Romeo, Lancia in addition to others, as well as recently redesigning Eurostar’s trains. In spite of its widespread work, the idea was arguably the design house’s intrinsic connection with Ferrari that will cemented its name inside car design hall of fame in addition to made the idea a household name.
Having designed around 100 Ferrari versions, founder Sergio Pininfarina’s death in 2012 prompted the design house to commission a one-off, Ferrari 458 Spider-based type, named after Pininfarina in addition to also marking 60 years of Pininfarina’s relationship with Ferrari. The type was revealed at the Geneva Motor Show in 2013 in addition to featured at the Geneva show in 2015, after being signed off for a limited production run of six units.
No details have been released about Mahindra’s plans after the acquisition, however Pininfarina has been valued at around €149m (£105m).
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