Pininfarina turnaround an ‘unfinished story’: Anand Mahindra
The idea of acquiring Pininfarina was that Mahindra is going to finish the story, says Anand Mahindra
Milan: The revival of Pininfarina SpA, the iconic coach-builder famous for designing Ferrari sports cars, is ahead of schedule, though the turnaround is an “unfinished story,” said Anand Mahindra, chairman of Mahindra Group that bought the Italian company three years ago.
Pininfarina, founded in 1930 by Battista “Pinin” Farina, is boosting profit and winning orders for clients inside and outside the car industry, including design contracts for a Sukhoi airliner and Princess yachts. It’s on track to present its PF Zero electric car at the Geneva auto show next year.
“I think there’s even more potential,” said Mahindra, chairman of Mahindra and Mahindra Ltd, which runs $21 billion of businesses ranging from vehicles to telecommunication to holiday resorts. “Design is now going to be what makes companies win, the idea of acquiring this company was that we are going to finish the story,” he said in an interview in Milan.
Mahindra said he expects positive full-year earnings after the company posted stronger figures for the first nine months compared with the year before. The shares are up about 10% this year and traded at €2.2 at 10.30am on Thursday in Milan, compared with Mahindra’s purchase price of about €1.10 each. Mahindra said he wants to maintain Pininfarina’s listing and has no plans to sell it.
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