Latest news with #Mannori
Time of India
19-05-2025
- Automotive
- Time of India
Volkswagen weighs plan to sell or find partner for Italdesign
Volkswagen is considering a plan to divest from its design and engineering unit Italdesign , union representatives told Reuters on Monday, as part of the German automaker 's efforts to overhaul its European operations. The group is assessing a possible sale of Turin-based Italdesign, but it could also consider alternative options, including finding a partner for it, representatives of the Fiom and FIM Cisl unions said after a meeting with Italdesign management earlier on Monday. Volkswagen, which fully owns Italdesign through its premium Audi unit, is under pressure from increasing competition and a lacklustre European car market. A spokesperson for Audi said it "continuously reviews its strategic alignment, including its holdings". Italdesign employs some 1,350 people, including 1,100 in the northern Italian city of Turin, and generated turnover of 332 million euros ($374 million)last year. Volkswagen has received preliminary expressions of interest from four or five counterparts, the union representatives said, adding the German company was not willing, at least for now, to consider offers from competitors or financial groups. "The management confirmed in the meeting that Audi is assessing a possible sale of Italdesign," Gianni Mannori of Fiom union told Reuters, adding Italdesign management has been tasked to find buyers. The whole process could take a few months, Mannori said, adding that Italdesign is a profitable business. Rocco Cutri, the head of FIM Cisl union in Turin, said Audi was running a preliminary due diligence process at Italdesign, to prepare the unit for the plan. Italdesign was founded in 1968 by Giorgetto Giugiaro, one of the world's most influential car designers, who sold it to Volkswagen in 2010. The German group took the full ownership in 2015. Over its history, Italdesign created models for several brands including Volkswagen Golf, Fiat Grande Punto, Alfa Romeo 159 and, more recently, Audi Q2 compact SUV. Volkswagen announced sweeping changes to its German operations in December, including job cuts and sharp capacity reductions. Measures included the end of production of Volkswagen-branded cars in Dresden and Osnabrueck, while the company is exploring alternative uses for the plants. Audi has already closed its plant in Brussels after the search for a buyer ended without success.
Business Recorder
19-05-2025
- Automotive
- Business Recorder
Volkswagen weighs plan to sell or find partner for Italdesign
MILAN: Volkswagen is considering a plan to divest from its design and engineering unit Italdesign, union representatives told Reuters on Monday, as part of the German automaker's efforts to overhaul its European operations. The group is assessing a possible sale of Turin-based Italdesign, but it could also consider alternative options, including finding a partner for it, representatives of the Fiom and FIM Cisl unions said after a meeting with Italdesign management earlier on Monday. Volkswagen, which fully owns Italdesign through its premium Audi unit, is under pressure from increasing competition and a lacklustre European car market. A spokesperson for Audi said it 'continuously reviews its strategic alignment, including its holdings'. Italdesign employs some 1,350 people, including 1,100 in the northern Italian city of Turin, and generated turnover of 332 million euros ($374 million)last year. Volkswagen has received preliminary expressions of interest from four or five counterparts, the union representatives said, adding the German company was not willing, at least for now, to consider offers from competitors or financial groups. Volkswagen says trade tensions, EV costs to weigh on profits 'The management confirmed in the meeting that Audi is assessing a possible sale of Italdesign,' Gianni Mannori of Fiom union told Reuters, adding Italdesign management has been tasked to find buyers. The whole process could take a few months, Mannori said, adding that Italdesign is a profitable business. Rocco Cutrì, the head of FIM Cisl union in Turin, said Audi was running a preliminary due diligence process at Italdesign, to prepare the unit for the plan. Italdesign was founded in 1968 by Giorgetto Giugiaro, one of the world's most influential car designers, who sold it to Volkswagen in 2010. The German group took the full ownership in 2015. Over its history, Italdesign created models for several brands including Volkswagen Golf, Fiat Grande Punto, Alfa Romeo 159 and, more recently, Audi Q2 compact SUV. Volkswagen announced sweeping changes to its German operations in December, including job cuts and sharp capacity reductions. Measures included the end of production of Volkswagen-branded cars in Dresden and Osnabrueck, while the company is exploring alternative uses for the plants. Audi has already closed its plant in Brussels after the search for a buyer ended without success.
TimesLIVE
19-05-2025
- Automotive
- TimesLIVE
VW considering sale or partnership for Italdesign, say unions
Volkswagen is considering a plan to sell its fully-owned design and engineering unit Italdesign or to find a partner for it, union representatives said on Monday, as part of the German carmaker's efforts to overhaul its European operations. Volkswagen, which controls Italdesign through its Audi unit, is under pressure from increasing competition and a lacklustre European car market. Audi was not immediately available for comment. Volkswagen has received preliminary expressions of interest from four or five counterparts, the union representatives said after a meeting with Italdesign management, adding the German company will not consider offers from competitors or financial groups. "The management confirmed in the meeting Audi is assessing a possible sale of Italdesign," Gianni Mannori of Fiom union told Reuters, adding alternative options could be considered. The process could take a few months, Mannori said. Rocco Cutrì, head of FIM Cisl union in Turin, said Audi was running a preliminary due diligence process at Italdesign to prepare the unit for the plan. Headquartered in Turin, Italdesign employs around 1,300 people, including 1,100 in the northern Italian city itself. Volkswagen announced sweeping changes to it German operations in December, including job cuts and sharp capacity reductions. Measures included the end of production of Volkswagen-branded cars in Dresden and Osnabrueck, while the company is exploring alternative uses for the plants. Audi has closed its plant in Brussels after the search for a buyer ended without success, while in March the company announced it would cut thousands more jobs.
Yahoo
19-05-2025
- Automotive
- Yahoo
Volkswagen weighs plan to sell or find partner for Italdesign, unions say
MILAN (Reuters) -Volkswagen is considering a plan to sell its fully-owned design and engineering unit Italdesign or to find a partner for it, union representatives said on Monday, as part of the German automaker's efforts to overhaul its European operations. Volkswagen, which controls Italdesign through its Audi unit, is under pressure from increasing competition and a lacklustre European car market. Audi was not immediately available for comment. Volkswagen, has received preliminary expressions of interest from four or five counterparts, the union representatives said after a meeting with Italdesign management, adding the German company will not consider offers from competitors or financial groups. "The management confirmed in the meeting that Audi is assessing a possible sale of Italdesign," Gianni Mannori of Fiom union told Reuters, adding alternative options could be considered. The process could take a few months, Mannori added. Rocco Cutrì, the head of FIM Cisl union in Turin, said Audi was running a preliminary due diligence process at Italdesign, to prepare the unit for the plan. Headquartered in Turin, Italdesign employs around 1,300 people, including 1,100 in the northern Italian city itself. Volkswagen announced sweeping changes to it German operations in December, including job cuts and sharp capacity reductions. Measures included the end of production of Volkswagen-branded cars in Dresden and Osnabrueck, while the company is exploring alternative uses for the plants. Audi has already closed its plant in Brussels after the search for a buyer ended without success, while in March the company announced it would cut thousands more jobs. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19-05-2025
- Automotive
- Yahoo
Volkswagen weighs plan to sell or find partner for Italdesign, unions say
MILAN (Reuters) -Volkswagen is considering a plan to sell its fully-owned design and engineering unit Italdesign or to find a partner for it, union representatives said on Monday, as part of the German automaker's efforts to overhaul its European operations. Volkswagen, which controls Italdesign through its Audi unit, is under pressure from increasing competition and a lacklustre European car market. Audi was not immediately available for comment. Volkswagen, has received preliminary expressions of interest from four or five counterparts, the union representatives said after a meeting with Italdesign management, adding the German company will not consider offers from competitors or financial groups. "The management confirmed in the meeting that Audi is assessing a possible sale of Italdesign," Gianni Mannori of Fiom union told Reuters, adding alternative options could be considered. The process could take a few months, Mannori added. Rocco Cutrì, the head of FIM Cisl union in Turin, said Audi was running a preliminary due diligence process at Italdesign, to prepare the unit for the plan. Headquartered in Turin, Italdesign employs around 1,300 people, including 1,100 in the northern Italian city itself. Volkswagen announced sweeping changes to it German operations in December, including job cuts and sharp capacity reductions. Measures included the end of production of Volkswagen-branded cars in Dresden and Osnabrueck, while the company is exploring alternative uses for the plants. Audi has already closed its plant in Brussels after the search for a buyer ended without success, while in March the company announced it would cut thousands more jobs. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
