Milan, July 29 2011 – Sogefi (CIR group), one of the leading world players in the sectors of engine filters and suspension components for motor vehicles, has today completed – following fulfilment of the required conditions precedent, including authorization by the competent antitrust authorities – the agreement announced on June 21 last for the acquisition of the French automotive components group Mark IV Systèmes Moteurs from the American holding company Mark IV LLC. The deal was carried out on the basis of an enterprise value for the Mark IV Systèmes Moteurs group of approximately 150 million euro.
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. Supplier to the main world car manufacturers, the group has seven production plants (three are in France while the others are in Canada, Mexico, Romania and India), two research, development and innovation centres (in France and the United States) and is currently starting up a new production site in China. The parent company of the group Mark IV Systèmes Moteurs SA has its headquarters in France.
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.
Thanks to this deal, Sogefi has gained an important opportunity to grow internationally and to integrate its technology.
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It should be noted that following the completion of this deal, in line with the terms of current legislation, in the next fifteen days Sogefi will be publishing an information document which will include, among other things, the economic and financial data of Mark IV Systèmes Moteurs.
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