GRP Gandini NOT sold to Chinese investor
According to Italian newspaper ‘Il Sole 24 Ore’, engine and tire manufacturer GRP Gandini has been sold to a Chinese investor. The move follows some financial difficulties for the competition brand following bad months for sales in September and October. This led to the investment bank wanting out and so the owners, Stefano and Maurizio Gandini, were forced by the banks to sell the concern, which they started in 1994. The sale, said to be in the region of six million euros dollars, leaves the former owners no longer at the helm of the company, but both will stay on as technical advisors. It not confirmed whether the production will move to China where the paper claims production costs will be 1/3rd of that in Europe. We have contacted GRP for comment and will add their response when we get it.
UPDATE (17:52): The Gandini brothers have issued a statement (automatic translation) on an Italian forum saying they have not been sold and the whole story was a HUGE misunderstanding by the journalist who wrote the piece.
UPDATE (18:18): GRP have directly sent us a statement which is published below… content