Endurance Technologies Acquires Fonpresmetal For €8.16 Million
09 January 2019 by Staff
Endurance Technologies Ltd, through its subsidiary Endurance Overseas Srl., Italy (EOSrl), is now the proud owner of Italian aluminium die casting firm Fonpresmetal Gap SpA (Fonpresmetal). The auto-components maker announced the €8.16-million (US$9.3 million) deal in a stock exchange disclosure earlier this week.
Per the disclosure, Fonpresmetal will be re-christened Endurance Castings SpA. Its aluminium die-casting plant, which boasts a nameplate capacity of 6,500 metric tons per annum, will help boost Endurance’s overall automotive aluminium casting capacity. In addition, the new capacity will aid in backward integration and provide the firm with potential new growth opportunities on the European continent.
Though now combined, the two firms have a significant business history prior to the merger. Fonpresmetal was a preferred supplier of complex aluminium die-casting parts to Endurance’s Italian subsidiary.
With this purchase, Endurance’s presence on the European continent rises to nine distinct facilities, with six plants in Italy and the remainder in Germany. Endurance says the purchase was funded with both internal accruals and external funding.
A public company since 2016, Endurance specializes in automotive aluminium, specifically aluminium castings, aluminium alloy wheels, suspension and transmission systems, and braking systems. The firm is based in Aurangabad, India, and operates satellite offices in Massenbachhausen, Germany and Lombardore, Italy.