Endurance Technologies’ subsidiary -- Endurance Overseas Srl., Italy 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.
Endurance Technologies manufactures aluminium casting (including alloy wheels), suspension, transmission and braking products. The company’s products include aluminium casting, which offers high pressure die castings, low pressure die castings, gravity die castings etc.
