SOGEFI S.p.A., the CIR Group company which operates in the automotive components sector, has today brought its controlling stake in SOGEFI FILTRATION S.p.A. up to 100% with its purchase of the remaining 40% from ALLIEDSIGNAL ITALIA S.p.A. (Honeywell Group).
SOGEFI FILTRATION is the second producer of filters for the after market in Europe and in 1999 achieved sales revenues of ITL 398 billion (EUR 205.5 million) with its brands FRAM, FIAAM, COOPERS and PBR.
Today's acquisition involved an outlay of EUR 70.5 million, which was entirely financed by its own resources, and will allow the SOGEFI group to define and implement its strategies independently and with the rapidity required by the changes taking place in the components sector.
SOGEFI and HONEYWELL have also renewed their sole license agreement, which will allow the companies of the SOGEFI FILTRATION group to continue to use the FRAM brand name (which belongs to Honeywell) for the next 10 years in all European markets and in those of the former Soviet Union.
Furthermore, today, in implementation of the resolutions passed by their respective Shareholders' Meetings, an act of partial spin off of the subsidiary Rejna SpA was finalized. This act involves the transfer to Sogefi of the stakes held by Rejna in the companies Sidergarda Mollificio Bresciano Srl, Les Nouveaux Ateliers Mécaniques SA, Luhn & Pulvermacher - Dittmann & Neuhaus Gmbh and Ateliers Métallurgiques de Saint Urbain SA.
September 27, 2000
27 September 2000 | 01:00 CEST