Anybody who still had any doubts about the future of the automobile resting in Asia just got another sign, with the acquisition of Italian design house Pininfarina by Indian automaker Mahindra.
The Mahindra Group will reportedly acquire 76.06% of shares in Pininfarina from the family holding company Pincar, with IT and engineering arm Tech Mahindra holding 60 percent of the acquired shares (about 46% of Pincar’s shares) and the rest held by automaker Mahindra & Mahindra (about 30% of the acquired shares). The purchase price is reportedly 25.3 million Euros (just over $38 million Canadian).
“The legendary high-end design credentials of Pininfarina will significantly enhance the design capabilities of the entire Mahindra Group,” said the Mahindra chairman Anand Mahindra, adding that the company will continue to operate independently, headquartered in Turin and listed on the Borsa Italiana (Italian stock exchange, in Milan).
“Pininfarina will continue to offer its design and engineering services to all companies who recognise our experience and skills gained in 85 years of history and appreciate the value of cooperating with a brand that has made the history of car design and has signed, more recently, new icons in other sectors, such as luxury buildings and yachts,” explained Paolo Pininfarina, who will continue as Pininfarina chairman of the board.
Pininfarina CEO Silvio Pietro Angori added that the acquisition “will make us the global design and engineering house of choice for the auto and non-auto industries,” including designing the new trains for Eurostar and Zetor tractors.
Since its inception in the 1930s, Carozzeria Pininfarina has been crafting car bodies primarily for Alfa Romeo, Ferrari and Maserati, as well as for other companies such as Cadillac, Chery, Daewoo and Volvo, among others.
Mahindra & Mahindra produces a full range of vehicles under the Mahindra brand — from motorcycles to tractors, and sedans to SUVs to pickups, for markets across Asia, South Africa and in select European markets.