The Premier italian car design firm Pininfarina has been bought by Mahindra.
Get ready to see a lot better looking Mahindras in the future.:thumbsup:
Mahindra tractors look good enough to be #1 in world sales. More likely Pininfarina will enhance Mahindra's car, truck, suv line of vehicles. From the article below, it appears Mahindra has come a long way from the days of building JEEPS.
Pininfarina, Iconic Italian Car Design Firm, Purchased By India's Mahindra
Indian automaker Mahindra & Mahindra Ltd. agreed to buy Italian car designer Pininfarina SpA Monday, ending months of negotiations, according to Bloomberg.
Founded in 1930, Turin-based Pininfarina is known for designing cars for Ferrari, Alfa Romeo, Peugeot, Fiat, GM, and Maserati. Of late, the company has come under hard times, recording losses in 10 of the past 11 years and amassing debt of upto half its market value. The company registered net debt of 47.4 million euros ($52.1 million) at the end of September.
Mahindra reportedly purchased the company to improve its automotive design following its acquisitions of South Korean carmaker Ssangyong Motor and the motorcycle unit of French auto manufacturer PSA Peugeot Citroen.
The designer already cooperates with Mahindra on SUV development and worked with it on the Halo electric sports-car concept unveiled last year. Earlier in December, sources told Bloomberg that Mahindra may invest as much as 150 million euros ($164 million), including debt and fresh capital, to revive the designer.
Trading on Milan-listed Pininfarina痴 stock was suspended citing a pending announcement while Mahindra & Mahindra痴 stock was up 2.52 percent in India.
