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RIP Pininfarina

Discussion in 'Ferrari Discussion (not model specific)' started by Napolis, Feb 14, 2012.

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  1. Napolis

    Napolis Three Time F1 World Champ
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    Jim Glickenhaus
    #1 Napolis, Feb 14, 2012
    Last edited by a moderator: Sep 7, 2017
    A few years ago I sat with Andrea who had come to realise that there were big problems.

    I told him there was only one way out. We'd walk into the Bank and throw the keys on the table and make the following offer.

    "You take everything but the farm house a few Museum cars and the Pininfarina name for Design. I'll fund it and you get 49 percent."

    Andrea told me he couldn't do that. "Jim you don't understand. My family name. I can't walk away if they say no."

    I told him that if he didn't he'd lose the company anyway. He nodded and said: "We'll see...We'll talk"

    If he hadn't died way too young who knows?

    RIP my Friend


    http://www.reuters.com/article/2012/02/14/pininfarina-idUSL5E8DE7N820120214

    Pininfarina family losing control in debt deal-sources
    12:04pm EST

    By Jennifer Clark

    MILAN, Feb 14 (Reuters) - Italy's Pininfarina family is set to lose control of the eponymous car design company as lengthy debt restructuring talks head toward the finish line, people familiar with the situation said on Tuesday.

    Pininfarina, designer of dream cars like the Ferrari FF, posted a 16.9 million euros loss in the first nine months of 2011 after closing its manufacturing operations to re-invent itself as a smaller niche design player.

    An agreement with creditor banks including Intesa Sanpaolo , UniCredit, Mediobanca and Banca Monte dei Paschi di Siena to restructure net debt of 76 million euros is on track and will be reached in the coming months, said three sources close to the situation.

    "The debt situation is stable and the talks are not contentious, so there is no hurry," said one of the sources, speaking on condition anonymity. "The agreement will fix the capital structure for the foreseeable future."

    When finalised, the debt accord will give control of the family's 77 percent stake to its creditor banks, ending the Pininfarina family's ownership of the influential design house founded by onetime Turin carriage maker Gianbattista "Pinin" Farina in 1930.

    The company rose to prominence in the 1930s through a knack for making the latest aerodynamic design trends attractive to a broader public.

    After World War Two, it designed the ground-breaking Cisalfa coupe, which now sits in New York's Museum of Modern Art. Pininfarina has designed almost every Ferrari sportscar since the 1950s.

    Pininfarina shareholders will hold a mandatory special meeting on Wednesday to hear management's plans on how to return to profit, said one of the sources, adding that the plans do not include a capital increase.

    Pininfarina declined to comment on Tuesday.

    The deal will close a chapter that began in 2008 when the banks swapped 180 million euros in debt in exchange for a promise of proceeds from a future sale of part of the Pininfarina's family stake.

    But no takers materialised. Potential buyers were not willing to acquire a design company when they can easily contract its services, said one of the people familiar with the situation.

    French industrialist Vincent Bollore, a former joint venture partner with Pininfarina, was interested last year in acquiring a stake, but no deal ever resulted.

    Other companies including Magna International and Chinese car maker Chery had been reported to be interested.

    Despite having its name on some of the most glamorous cars in the world, the Pininfarina family generally keeps a low profile.

    Andrea Pininfarina, the founder's grandson, died in a scooter accident in 2008, aged 51, while on his way to the company's factory in Cambiano, outside Turin.
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  2. Nuvolari

    Nuvolari F1 Veteran
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    #2 Nuvolari, Feb 14, 2012
    Jim that was a gallant effort on your part. Sometimes emotion gets in the way of rational decisions and sometimes that emotion allows for the achievement of the seemingly impossible. It appears as though the former was the case in this instance.
     
  3. Napolis

    Napolis Three Time F1 World Champ
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    #3 Napolis, Feb 14, 2012
    It really could have ended differently...
     
  4. wax

    wax Five Time F1 World Champ
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    #4 wax, Feb 14, 2012
    Sad day. From the standpoint of familial "vested interest", how can you summarize this even more succinctly?
     
  5. Napolis

    Napolis Three Time F1 World Champ
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    Jim Glickenhaus
    #5 Napolis, Feb 14, 2012
    The family loses everything. The Banks own the company and the family is totally out.
     
  6. vrsurgeon

    vrsurgeon F1 World Champ
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    #6 vrsurgeon, Feb 14, 2012
    Agree. Sad.

    There still has to be a way to structure things that in the end, the name wil still be synonymous with it's heritage... that Gianbattista could look down and smile..
     
  7. carguyjohn350

    carguyjohn350 F1 Rookie
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    #7 carguyjohn350, Feb 14, 2012
    Very sad. What a loss.
     
  8. tritone

    tritone F1 Veteran

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    #8 tritone, Feb 14, 2012
    .....and you remember the last time a(n Italian) bank took over a company and made a big success out of it.........
     
  9. Giovanni_P

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    #9 Giovanni_P, Feb 14, 2012
    Last edited by a moderator: Sep 7, 2017
    It's been sad to see the financial difficulty that's come to these great family-owned design houses over the last few years. Bertone weathered a similar storm a few years ago, and is celebrating its 100th anniversary this year at the Geneva Auto Show.

    The photo attached is a shadowbox hanging on my office wall from Pebble Beach 2004, when I met Sergio Pininfarina. Made a big impression on me!

    Giovanni P
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  10. DennisForza

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    #10 DennisForza, Feb 14, 2012
    Sad that such heart breaking news would be announced on Valantine's Day. :(
     
  11. wax

    wax Five Time F1 World Champ
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    #11 wax, Feb 14, 2012
    And redefines "Pride of Lions" in the process.
     
  12. jm2

    jm2 F1 World Champ
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    #12 jm2, Feb 14, 2012
    Last edited by a moderator: Sep 7, 2017
    A great loss for the design community & the automotive fraternity as well.Ital Design,Bertone,PininFarina,Ghia.One by one.Sad,sad day.

    Was fortunate enough to meet them,and briefly work with them.What a history,not only with Ferrari,but the entire automotive design community.Business is business,but there are times,you wish it wasn't so.
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  13. of2worlds

    of2worlds F1 World Champ
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    #13 of2worlds, Feb 14, 2012
    When Ferrari appointed Flavio Manzoni as their 'Head of Design' they were signaling a new direction for the firm. The past is just that and Mr Manzoni admits he is not a fan of retro.
    Ferrari are looking for a bold new image; without Pininfarina unfortunately...
    CH
     
  14. fluque

    fluque Formula 3

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    #14 fluque, Feb 14, 2012
    Had a chance to meet Sergio when I was in grad school ten years ago. It was a brief exchange but enough to make me realize he was a special yet very approachable man. He signed a Ferrari / Pininfarina poster I still keep. It's a sad such a historic firm came to this.
     
  15. jm2

    jm2 F1 World Champ
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    #15 jm2, Feb 14, 2012
    Agree.They are/were true gentlemen.Had Sergio sign my PininFarina book.Couldn't help myself :)
     
  16. donv

    donv Two Time F1 World Champ
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    #16 donv, Feb 14, 2012
    Very unfortunate.
     
  17. Gatorrari

    Gatorrari F1 World Champ
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    #17 Gatorrari, Feb 14, 2012
    I'm glad my car has the badge on the side "Disegno di Pininfarina".
     
  18. TexasKid

    TexasKid Formula Junior
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    #18 TexasKid, Feb 14, 2012
    Sad day in the auto world :(
     
  19. Jeff Kennedy

    Jeff Kennedy F1 Veteran
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    #19 Jeff Kennedy, Feb 14, 2012
    As sad as it is the fact that the Italian design houses could continue for so long was amazing. Internalizing the design function has been the bigger trend since the 1930s.

    Mostly surprised that Fiat hasn't "saved" the company. Would be interesting to know if Ferrari tried to take over Pf first and when unsuccessful that triggered the creation of Ferrari's internal design operation.

    Wonder if tis is going to trigger a series of old show cars being offered at auction like happened with Bertone.

    Jeff
     
  20. SrfCity

    SrfCity F1 World Champ

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    #20 SrfCity, Feb 14, 2012
    "Pininfarina, designer of dream cars like the Ferrari FF"

    Yes, very sad. Too bad things didn't end on a higher note?
     
  21. Jdubbya

    Jdubbya The $10 Trillion Man
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    #21 Jdubbya, Feb 14, 2012
    How much did the local laws affect this outcome. I seem to remember a conversation about Bertone and the main financial issue they had was the unemployment expenses after laying people off. If I recall correctly it was a massive number for Bertone.
     
  22. hardtop

    hardtop F1 World Champ

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    #22 hardtop, Feb 14, 2012
    Truly an end to a very special period in the history of autos. Very sad.

    Dave
     
  23. TCT

    TCT Formula Junior

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    #23 TCT, Feb 15, 2012
    What a shame yet what a legacy of art in motion left for history to enjoy.
     
  24. Mrpbody44

    Mrpbody44 F1 Veteran

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    #24 Mrpbody44, Feb 15, 2012
    Very sad day. I see this kind of thing with family business all the time.
     
  25. plugzit

    plugzit F1 Veteran
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    #25 plugzit, Feb 15, 2012
    I would like to understand the long-run on this one. Does the bank expect to operate Pf as a design house profitably? Sell the name and business? Does the family remain as management? Will someone else acquire it at a foreclosure price at which it is profitable (a la many office buildings)?
    If the family is "out" will they be in a "non-compete" situation?
     
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