Pininfarina is Indian . Today was indeed the official transfer of ownership of the giant Mahindra, a global company with annual sales of $ 17 billion and over 200,000 employees in more than 100 countries.
The agreement was reached by Pincar, controlling shareholder of Pininfarina, with Mahindra & Mahindra and TechMahindra. The Indian Mahindra will acquire at closing the agreement all the ordinary shares held by Pininfarina Pincar to 1.10 euro per share , for a total of almost 25 million euro which will add another 20 million euro capital increase Pininfarina expected by 2016.
The shift in Indian hands should put an end to years of budgets in the red for the signature of Piedmont, active in many fields of design and not only in the automotive sector. The last budget had a deficit of 7.8 million euro in the first nine months of 2015 and a net debt position of 42 million, with 74 million of debt in the medium-long term.
"Today is a wonderful day, Pininfarina becomes stronger and more global than ever," said Paolo Pininfarina , president of the body founded in Turin in 1930 by Battista "Pinin" Farina "In a globalized world, entrepreneurship and capital does not have a passport. I'm sure my grandfather, my father and my brother Andrew are proud of us today and who are at my side and the whole family in a toast to the future in our beloved Pininfarina. "
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