The famous Pininfarina
empire continues to contract, the latest chunk of its
once thriving contract automotive manufacturing business
set to disappear off the books is its Swedish joint
venture operation with Volvo, Pininfarina Sverige AB.
"Volvo Car Corporation and
Pininfarina S.p.A. has agreed upon the termination of
the joint venture agreement regarding Pininfarina
Sverige AB and its operations in Uddevalla, Sweden,"
read a statement issued by Pininfarina in Turin. "This means that Volvo Car Corporation, in line with the
agreements, will take over the complete ownership of
Pininfarina Sverige AB, which in its turn owns the plant
in Uddevalla.
This will take place in May 2013."
Extracting itself from
the Swedish joint venture is the latest step backwards
from Pininfarina which is now beholden to the group
creditors banks which are seeking to try to recover
funds from the massive losses they incurred from
financing the Italian company's huge gamble in the
contract manufacturing business that was taken during
the middle of the last decade. The rump of the company,
now shorn of those failed contract manufacturing
operations and plants, is being eyed up by a number of
suitors including Austro-Canadian car parts maker Magna-Steyr
as well as several Chinese carmakers.
"The [Swedish] operations, which
at present is the manufacturing of the Volvo C70
convertible, will continue without changes. Volvo Car
Corporation will assume the full responsibility for the
employees in the Uddevalla plan," added Pininfarina. "The only formal change
is that Volvo Car Corporation will be the sole owner of
the operations in Uddevalla." The joint venture
between Pininfarina and Volvo was
created in 2003. The plant in Uddevalla manufactures the Volvo C70, which received the
J D Power
Best in Class quality award 2010.
“Epochal changes have
occurred in the last three years, particularly in the
automotive world. Pininfarina’s future rests on design
and engineering services, sustainable mobility and brand
value enhancement. This is why, after a long-lasting and
very successful cooperation with Volvo Car Corporation,
we are now approaching our future on different basis,
says Silvio Pietro Angori, CEO Pininfarina.
"The joint venture
between Volvo Car Corporation and Pininfarina has been
fruitful, a true win/win situation. When we now put an
end to our cooperation it is with a mutual understanding
and in a time with new challenges for both companies,
says Stefan Jacoby, President & CEO, Volvo Car
Corporation.
