Brembo Purchases Chinese Iron Casting Facility
October 9, 2015
Italian disc brakes producer Brembo announced on September 29 that it had reached an agreement to buy a 66% stake in ASIMCO Meilian Braking Systems Co. Ltd., Langfang, China, for $97 million. In China’s Hebei province, ASIMCO is an iron casting facility that employs around 580 people and expects sales around $100 million dollars in 2015. The deal is expected to close in coming months.
“China is consistently the biggest car market in the world and this is also confirmed for the years to come,” said Alberto Bombassei, chairman, Brembo. “The need for higher quality and technology content by Chinese car makers is more evident.”
Brembo supplies high performance brake systems for cars, commercial vehicles and motorbikes worldwide, as well as clutches, seats, seat belts and other components for racing. Today the company operates in 16 countries on three continents, with 24 sites and more than 7,700 employees.