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Endurance Technologies arm acquires Fonpresmetal

Metal News - Published on Wed, 09 Jan 2019

Image Source: Indeed
Endurance Technologies’ subsidiary Endurance Overseas Srl has acquired the entire equity stake in Fonpresmetal Gap SpA for EUR 8.16 million. The company said in a press note that "The estimated balance sheet of this acquired entity (in local GAAP) shows cash and cash equivalents of EUR 3.5 million gross. The net outstanding debt for leasehold assets, the net cash & cash equivalents would stand at EUR 1.6 million.”

Endurance added in the note that "The company has funded the amalgamation through its internal accruals/borrowings. The effective date of this acquisition is January 7, 2019.”

With this acquisition, the name of Fonpresmetal has been changed to Endurance Castings SpA. The company said that "Consequent to this acquisition, the Endurance Group in Europe now has nine manufacturing plants, of which, six are in Italy and three in Germany.”

Source :

Posted By : Rabi Wangkhem on Wed, 09 Jan 2019
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