News reported Pininfarina projects will be profitable in 2012, thanks in part to debt restructuring. The Italian design studio has not been profitable for eight years but signed a deal in April to restructure million in debt. The move effectively stretched the studio's repayment deadline from 2015 to 2018. At the same time, Pininfarina announced it would likely see an operating loss this year, but a one-time gain of millions will result in a net profit. The company lost a million in the first quarter of the preceding year, though that figure dropped to just under a million during Q1 2012. Pininfarina also saw its net revenue increase by a million. 26 March 2013 Pininfarina in the black for the first time since 2004 Italian design house Pininfarina predicted last May that it would face an operating loss for 2012 but still come out with a net profit. Both predictions came true: the company is reporting an operating loss of 8.2 million euros and a net profit of 32.9 million euros. According to Reuters, the good news came because of a debt restructuring arranged the preceding year that gave the company three more years to repay its debt and a one-time gain of approximately 45 million euros. It is the company's first profit since 2004. Acquisition by Mahindra group (2015–present) Mahindra Group, owner of Indian automobile company Mahindra & Mahindra agreed to buy Italian car designer Pininfarina SpA in a deal worth about 168 million euros. Mahindra group, together with affiliate Tech Mahindra, has a 76% stake in the holding company Pincar for 25.3 million euros. The Indian company will offer the same price for the remaining stock. In addition to buying stock, Mahindra will invest 20 million euros in Pininfarina and provide a guarantee to creditors of 114.5 million euros. Corporate Governance (2016) President: Paolo Pininfarina CEO – General Manager: Silvio Pietro Angori Board of Directors: Gianfranco Albertini, Edoardo Garrone, Romina Guglielmetti, Licia Mattioli, Enrico Paraffini, Carlo Pavesio, Roberto Testore. Statutory Auditors: Nicola Treves (president), Margherita Spaini, Giovanni Rayneri. The end of car production operations On 10 December 2011, Pininfarina announced it would end all automotive production. In truth, production ended in November 2010 with the conclusion of the contract to produce the Alfa Romeo Brera and Spider at the San Giorgio plant. Grugliasco factory Opened in 1958 with nearly 1,000 employees, by 1960 output exceeded 11,000 car bodies.