Wednesday, May 14, 2008

Automotive Components Europe takes over local Feramo Metallum for EUR 6.3mn.

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Automotive Components Europe takes over local Feramo Metallum for EUR 6.3mn. Luxembourg-based company Automotive Components Europe (ACE) has acquired country’s major grey iron maker Feramo Metallum International (FMI) for CZK 160mn (EUR 6.3mn), the M&A newswire DealWatch informs. According to ACE CEO Jose Manuel Corrales, additional EUR 9mn will be spent on FMI future development. ACE, active in the production and supply of components for the automotive industry, will finance the purchase mainly from the funds raised (EUR 11mn) in its initial public offering on the Warsaw Stock Exchange in June 2007. In addition, BRE Bank will provide EUR 5mn loan to ACE and additional EUR 4mnoverdraft facility will be used. Brno-based FMI is an iron foundry specializing in production of castings for various industries, including the automotive sector, auto products comprise around 20% of the company’s total turnover.

Country risk 2008:

No. 6: If you don’t give it to me you’ll only lend it to someone else and look where that got us

Automotive Components Europe takes over local Feramo Metallum for EUR 6.3mn.

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