Sogefi has signed an agreement to buy the French automotive components group Mark IV Systèmes Moteurs from its American holding company Mark IV, LLC.

Mark IV Systèmes Moteurs is one of the largest producers of air intake and engine cooling systems in the world with revenues of around 270 million euro in 2010 and some 1,200 employees.

Mark IV Systèmes Moteurs generates around 78% of its revenues in Europe, has an increasing share of the market in North America and has started expanding in strong-growth countries such as China and India. The deal was concluded on the basis of an enterprise value of the Mark IV Systèmes Moteurs group of approximately 150 million euro. Sogefi will finance the acquisition by drawing on the credit lines it already has in place, maintaining a solid equity and financial structure.

– “With the acquisition of Mark IV Systèmes Moteurs” – commented Rodolfo De Benedetti, Chief Executive of the CIR group and Chairman of Sogefi – “Sogefi has gained an important opportunity to grow internationally and integrate its technology, in demonstration of how it has strengthened its competitive position after the recent crisis in the sector. Sogefi, a world leader in its businesses with over 90% of its revenues generated abroad, is an Italian company which is meeting the challenge of global competition very successfully. This deal continues a thirty-year history of technological development, operational efficiency and expansion into new markets. We will continue to follow this route in the future too”.

– “The agreement announced today” – stated Emanuele Bosio, Chief Executive of Sogefi – “will enable us to reach an objective in terms of competitive positioning that is fundamental for Sogefi’s future development prospects: Mark IV Systèmes Moteurs has a product range that is a perfect complement to our own. This acquisition will enable us to complete our range of solutions and to present ourselves to car manufacturers as a supplier of integrated engine systems”.

Mr Andrea Taschini, Sogefi Aftermarket division general manager, says: “The acquisition of Mark IV is a key step for Sogefi in building an integrated product offer, with a more advanced service for car makers. It will give positive implications also to the aftermarket division”.