• Next major step towards the creation of the integrated automotive group of Volkswagen and Porsche
• Volkswagen CEO Winterkorn: “Porsche Holding Salzburg is one of the world’s most efficient automobile trading companies”
Vw Ag., Europe largest automaker on Tuesday said it has acquired the automobile trading business of Porsche Holding Salzburg for 3.3 billion euro.
The agreement is part of the larger merger of the two carmakers.
The unit’s headquarters will remain in the Austrian city.
Volkswagen CEO Martin Winterkorn said PHS is “one of the world’s most efficient and profitable automobile trading companies and will therefore significantly strengthen the Volkswagen group’s sales activities.”
VW sales director Christian Klingler said that “under the Volkswagen group umbrella, PHS will retain its status as an independent organisational unit and continue with its business model unchanged. All assets remain intact.”
With the acquisition, which was already foreseen in the comprehensive agreement, Volkswagen is completing the next planned step towards the creation of the integrated automotive group of Volkswagen and Porsche.
PHS is Europe’s most successful private automobile trading company and has a particularly strong presence in Austria, Western Europe and South Eastern Europe as well as China. In the 2010 calendar year, unit sales of 565,000 new and used vehicles generated sales revenue of €12.78* billion, with profitability higher than the market average. PHS employs some 20,900 people.