Italy's Pininfarina considering M&A for future growth - CEO (updated)

Pininfarina SpA

27/05/2022 14:56

(Adds details)
    By Giulia Segreti
    ROME, May 27 (Reuters) - Italian design group Pininfarina
 PNNI.MI  is looking at M&A to give it skills in new sectors,
mainly the digital one, and widen its customer base, Chief
Executive Silvio Pietro Angori said on Friday.
    "So far we have grown organically, our ambition is to now
grow externally. We have the ambition of simply becoming the
largest design company (in the world)," Angori told reporters at
a meeting at the Foreign Press Association in Rome.
    "We are carrying out a very careful analysis," he said when
asked about any ongoing talks and the possible timing of future
deals. "It depends on many factors, willingness must become
reality."
    The group, listed on the Milan market but controlled by
India's Mahindra & Mahindra Ltd  MAHM.NS , is looking at
companies in the so-called phygital sector - combining physical
design and digital tools - and those in the interaction design
sector.
    Angori said the Turin-based company saw particularly
favourable market conditions in the industrial sectors in which
it was interested.
    Known for its elegant, aerodynamic designs, mainly for
luxury carmakers such as Ferrari  RACE.MI  and Maserati,
Pininfarina has moved to diversify its projects - from yachts to
state of the art buildings.
    "Pininfarina has repositioned itself in a very important way
in last years, in order to grow outside the car sector," Angori
said.
    The automotive business currently represents about 80% of
Pininfarina's sales but the company aims to increase the weight
of its non-automotive business to reach a 50-50 balance in total
revenue.
    Seeking to double its sales in the United States,
Pininfarina will open a new design office in New York.
    Earlier this month Pininfarina said it expected the value of
production to increase this year compared to 2021, when it stood
at 66.8 million euros ($71.6 million). 
    The group turned to a profit of 2.4 million euros last year
after a 24.4 million euro loss in 2020.
($1 = 0.9329 euros)

 (Editing by Maria Pia Quaglia and Keith Weir)
 ((mariapia.quaglia@tr.com; +39 06 80307737;))