B2B Portal for Technical and Commercial Foundry Management
Languages

Foundry Daily News

11. Januar 2019

IN / IT - Endurance Technologies Ltd arm acquires Fonpresmetal Gap SpA

Italy (EOSrl), a subsidiary of Endurance Technologies Ltd and the special purpose vehicle for strategic overseas investments, has acquired the entire equity stake in Fonpresmetal Gap SpA (Fonpresmetal), an aluminum die casting company in Italy. Fonpresmetal has its manufacturing facility in Bione (Brescia, Italy) with a capacity of 6,500 Tons of which 50% is dedicated for supplies to the Endurance Group companies in Italy.

The said acquisition has been completed for a consideration of Euro 8.16 million. The estimated balance sheet of this acquired entity (in local GAAP) shows cash & cash equivalents of Euro 3.5 million gross. Upon netting of the outstanding debt for leasehold assets, the cash & cash equivalents would stand at Euro 1.6 million. This acquisition by EOSrl has been funded through its internal accruals / borrowings. The effective date of this acquisition is 7th January, 2019.

Fonpresmetal had been a preferred supplier for highly complex aluminum die casting parts to Endurance SpA (erstwhile Endurance FOA SpA), our operating step down subsidiary in Italy. Acquisition of Fonpresmetal will augment casting capacity and help backward integration. This acquisition would also provide future growth opportunities for us in Europe.

Fonpresmetal recorded revenues (in local GAAP) of Euro 24 million for manufactured parts in the previous calendar year 2017 and is expected to achieve revenues of around Euro 27.5 million for manufactured parts during the calendar year ended in December 2018. Apart from Endurance Group companies in Italy, the second most important customer of Fonpresmetal is the Bosch Group.

Upon acquisition, the name of Fonpresmetal has been changed to Endurance Castings SpA. Consequent to this acquisition, the Endurance Group in Europe now has nine manufacturing plants, of which six are in Italy and three in Germany.

Shares of Endurance Technologies Ltd was last trading in BSE at Rs.1213 as compared to the previous close of Rs. 1234.5. The total number of shares traded during the day was 449 in over 100 trades.

The stock hit an intraday high of Rs. 1254.65 and intraday low of 1205. The net turnover during the day was Rs. 546975.

Source: EquityBulls.com

Related Articles

Youtube Google+ Linkedin Xing