Pininfarina S.p.A. and IAI – Innovation in Auto Industry S.p.A., a company wholly owned by the Rossignolo Family whose Chairman of the Board of Directors is Gian Mario Rossignolo (IAI), signed today a preliminary contract for the sale of certain business operations.
Rossignolo, 79, a flamboyant executive who worked at Fiat and Swedish ball-bearing maker SKF, needs the Pininfarina plant for its Innovation in Auto Industry S.p.A. (IAI) project.
The IAI business plan, which Rossignolo has been promoting the past four years, calls for building a three-model range of aluminum vehicles based on an innovative construction technology called Univis.
The contract sets forth Pininfarina’s commitment to sell to IAI the business operations comprised of:
(a) Machinery, equipment and accessories currently located at the Grugliasco production facility that are used for vehicle sheet-metal bodywork and painting, except for those specifically used for vehicles currently produced by Pininfarina;
(b) The existing contracts between Pininfarina and 900 Pininfarina production employees (including 875 factory staff and 25 office staff);
(c) The provision for termination indemnities applicable to the transferred employees, the funding for which will be transferred in full to IAI on the contract closing date;
(d) A lease for the entire Grugliasco factory, excluding the Wind Tunnel, (the Building) and for service and utility contracts and certifications pertaining to the Building.
The Business Operations do not include receivables or payables, other than the liability for the provision for termination indemnities applicable to the transferred employees, nor do they include contracts other than those listed above, contracts related to the existing production orders and Pininfarina’s resulting payables and receivables or any legal disputes outstanding on the closing date.
Best known for its design work for Ferrari, Pininfarina’s factory sale is part of a strategy to refocus its business on design, engineering and the manufacture of an electric car.
In a statement, it said it had sold the machinery at its Grugliasco factory to Innovation in Auto Industry SpA, or IAI, a private investor that lost out to Fiat SpA (F.MI) at a recent auction for some of the assets of Bertone, another niche manufacturer that has fallen on hard times in Turin.
Pininfarina said the preliminary agreement also included the sale of the factory building to FinPiemonte-Partecipazioni SpA, a financial company run by the government of the Piemonte region in northwestern Italy.
It did not give financial details of the sale, which is to close by Dec. 31.