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Brembo Finalizes Acquisition Of 66-Percent Stake In ASIMCO Meilian Braking Systems

ASIMCO Melian Braking Systems, based in Langfang, in the Chinese province of Hebei, owns a foundry and a plant for the manufacturing of cast-iron brake discs.

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Brembo has announced the closing of the transaction to acquire a 66-percent stake in the share capital of ASIMCO Meilian Braking Systems (Langfang) Co. Ltd., which took place on May 19.

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Brembo 2 - LogoASIMCO Melian Braking Systems, based in Langfang, in the Chinese province of Hebei, owns a foundry and a plant for the manufacturing of cast-iron brake discs. This company supplies regional car makers, mainly joint ventures between Chinese companies and top European and U.S. auto OEMs.

As a result of the accounting assessments specified in the related contract, the transaction consideration was set at RMB 574,356,000 (approximately $87.6 million USD), subject to the closing-related adjustments.

The remaining 34 percent of ASIMCO’s share capital will be held by the state-owned company Langfang Assets Operations Co. Ltd., controlled by the municipality of Langfang.

ASIMCO Melian Braking System’s first quarter 2016 sales amounted to RMB 109 million (approximately $16.62 million at the average first quarter exchange rate). The company employs a workforce of 637.

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