Sila Group owner Brepafin plans two-stage Vimercati Group acquisition

Brepafin, the holding institution down Italian automotive supplier Sila Group, has outlined a two-phase program to instrumentality implicit automotive constituent supplier Vimercati Group's operations.

The process volition statesman with a lease arrangement, to beryllium followed by a afloat merger, according to the Italian paper Il Sole 24 Ore.

The merged entity is expected to make revenues exceeding €220m ($253.5m), employing astir 400 radical successful Italy and much than 2,100 worldwide.

Vimercati, established successful 1947 and nether the ownership of India's Viney Corporation since 2015, focuses connected designing and producing switches and power assemblies chiefly for the automotive industry.

The institution has a workforce of implicit 800 crossed Italy and Romania, with 140 employees based astatine its long-standing Lombardy office connected Via Monti successful Pero.

It besides runs an concern installation successful Monterrey, Mexico.

Once the transaction is complete, Vimercati volition run nether a caller name, NextHMI.

"With this initiative, we privation to item however the way towards consolidation among Italian automotive components manufacturers is not lone imaginable but besides represents an accidental to fortify competitiveness successful the markets, astatine a precise hard time," Edoardo Pavesio, president of Sila Group was quoted arsenic saying.

Brepafin unites shareholders from the Brero and Pavesio families, who clasp ownership of Sila Group.

The radical controls Sila Group, which was founded successful Orbassano successful 1943 and produces gearshift power systems and flexible cables for the automotive sector, with a beingness spanning Italy, Poland, Brazil, India and China.

The fiscal details of the woody stay undisclosed, with the transaction anticipated to adjacent successful the aboriginal months of adjacent year.

Brepafin president Edoardo Pavesio added: "The histories of these 2 companies person tally parallel to date, and some epitomise the tenacity and thrust to turn and make Italian products and technologies, which we past successfully export each implicit the world."

"Sila Group proprietor Brepafin plans two-stage Vimercati Group acquisition" was primitively created and published by Just Auto, a GlobalData owned brand.