Pininfarina hires advertiser to sell family’s stake
March 25, 2009 by Matt Brogan
Pininfarina has hired advertising group Leonardo & Co. to help it sell the stake held in the business by the group’s family holding company, Pincar.
Following a net loss of 204 million euros (A$393 million) in 2008, Pincar had agreed with creditor banks to sell its 50.6 percent stake to help it tackle its debt situation.
With the group expecting to make yet another operating loss in 2009 because of the impact of the economic crisis on car sales, Pininfarina is confident the company’s existing liquidity will be sufficient to allow it to continue operating.
Earlier this year, Pininfarina approved a revised industrial plan that calls for an end to its contract car making operations when current production ends in 2011. The Italian company will then concentrate exclusively on building electric cars with Bollero.
Pininfarina, which has designed and produced vehicles for numerous automakers including Fiat, Alfa Romeo, Volvo and Ford, was hit by tragedy last year when its chairman and chief executive, Andrea Pininfarina, died in a car crash. He was the grandson of company founder, Battista “Pinin” Farina.
Print it: 
They cannot let this great company die in the a**…