Emmegas taken over by Landi Renzo
Landi Renzo has announced that 280 million euros of turnover is expected in 2013. Gross profit should be around 10 percent of the company's income.
According to a statement issued by Emmegas, the operation will allow the company to deeper penetrate the market, reach new customers and broaden the range of products. Emmegas was founded in 1993 by Medardo Landi. After 9 years of market presence and constant development, in 2002, the company moved to new headquarters and new premises. There, an automated assembly line for LPG components was launched, as well as an R&D centre equipped with a chassis dyno and an advanced emission level measurement system.
In 2012, Emmegas achieved 3,2 million euros in overall sale, however without returning a profit. The company's debt was 1,7 million euros by the end of 2012, although it has since been remarkably reduced. The takeover was worth 475 thousand euros. Landi Renzo plans to purchase the remaining 30 percent of Emmegas' stock over time, but not before 2016.
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