Endurance Technologies acquire Adler SpA
Endurance Technologies’ subsidiary and the special purpose vehicle for strategic overseas investments-Endurance Overseas Srl (Italy) has acquired a controlling equity stake of 99 per cent in Adler SpA. The acquisition of the controlling stake has been achieved by an investment of euro 3.5 million in the share capital of Adler, with effect from April 15, 2020.
Acquisition of the stake in Adler will give Endurance Group a 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 as well as for export opportunities. Upon acquisition of the controlling stake by EOSrl, the 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.
The stock of Endurance Technologies was trading flat to negative bias on the bourses. The stock which opened at Rs 609.95, dipped to an intraday low of Rs 583.75.
Endurance Technologies manufactures aluminium casting (including alloy wheels), suspension, transmission and braking products. The company’s products include aluminium casting, which offers high pressure die castings, low pressure die castings, gravity die castings etc.