Automobile manufacturing company, Endurance Technologies Ltd has wholly acquired the Italian auto-parts maker, Grimeca Srl. With this deal, the automobile company marks its second acquisition in less than two months.
The company has acquired a 100 per cent stake in Grimeca for nearly $2.45 million, VC Circle reported citing the company's stock exchange filing.
Endurance Adler SpA, which is a step-down subsidiary of Endurance Overseas Srl, has made this acquisition. It will help Endurance strengthen its technological capabilities in the braking systems space, the cited media agency reported quoting the company's statement in filing.
It paid 0.9 million Euros for the stake in Grimeca, with the remaining 1.35 million Euros for acquiring the Italian firm's technical expertise and intellectual property rights of its braking systems, chassis components and its 'G Grimeca' brand, the company said in its statement.
In essence, Grimeca is an advanced design services organisation that creates braking products for light vehicles and motorcycles. It also manages a co-design model with original equipment manufacturer (OEM) partners.
In the previous month, Endurance pronounced that it had bought a 99 per cent share in the Italian company, Adler SpA which offers system solutions for gears, clutches, and other relevant components. The acquisition amounted to around INR 29.03 crore.