Endurance Technologies’ subsidiary — Endurance Overseas Srl., Italy and the special cause automobile for strategic overseas investments, has obtained the whole equity stake in Fonpresmetal Gap SpA (Fonpresmetal), an aluminum die casting company in Italy.
Fonpresmetal has its manufacturing facility in Bione (Brescia, Italy) with a capability of 6,500 Tons of which 50% is devoted for substances to the Endurance Group groups in Italy. The said acquisition has been finished for a consideration of euro 8.16 million.
The anticipated balance sheet of this received entity (in local GAAP) indicates cash & cash equivalents of euro three.5 million gross. Upon netting of the high-quality debt for leasehold belongings, the coins & cash equivalents might stand at euro 1.6 million.
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