Through its subsidiary - Endurance Overseas Srl, Italy
Endurance Technologies announced that its subsidiary and special purpose vehicle for strategic overseas investments, Endurance Overseas Srl, Italy has acquired controlling equity stake of 99%, in Adler SpA.Adler is a leader in systems solutions for clutches, gears and friction plates with niche in R&D, engineering services and product development for OEM customers in Europe. Their new product technologies / technical strength would be important for the Endurance Group. Adler has been a long term technology provider to the Company.
Acquisition of the controlling stake has been achieved by an investment of Euro 3.5 million in the share capital of Adler, with an effective date of 15 April, 2020.
Acquisition of stake in Adler will give Endurance Group total access to their technical know-how and intellectual property rights. This acquisition would also provide future growth opportunities for our domestic market in India and for export opportunities.
Upon acquisition of the controlling stake by EOSrl, corporate name of Adler is being changed to Endurance Adler SpA.
Consequent to this acquisition, the Endurance Group in Europe now has ten manufacturing plants, of which seven are in Italy and three in Germany.
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