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Endurance Technologies announced that its step down subsidiary, Endurance Adler SpA, Italy (EA SpA) and a direct subsidiary of Endurance Overseas Srl, Italy has acquired 100% stake in Grimeca Srl (Grimeca), Italy, with an effective date of 21 May 2020.
Grimeca is an advanced service company involved in designing and developing new braking products for motorcycle and light-vehicles, including 'co-design' with OEM customers. Grimeca has been a technology provider for braking solutions to the Company since 2015.
This strategic acquisition aims to strengthen technological prowess of the Company in the area of braking systems.
The acquisition has been completed for a consideration of Euro 2.25 million, which includes Euro 0.9 million for the 100% stake in Grimeca and Euro 1.35 million for technical know-how and intellectual property rights of braking systems and chassis components, and the G Grimeca brand. This acquisition is expected to provide impetus to the growth opportunities for the Company's braking business in India, both for domestic and export markets.
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