On Monday the board of directors of Landi renzo gave the green light to the proposal merger by incorporation of Lovato Gas, a company already 100% controlled.
This was announced by Landi Renzo in a note, specifying that the operation will make it possible to "optimize the decision-making processes and improve the use and valorisation of the resources and skills currently existing in the companies participating in the merger, which, through the unification of the activities in a single legal entity, will lead to an improvement in management efficiency (corporate, accounting and administrative), the creation of synergies and a reduction in overall costs, avoiding the duplication of certain activities on two distinct legal entities with a consequent greater rationalization of costs ”.
Since the proposed transaction envisages the merger by incorporation of a company wholly owned by Landi Renzo, "the shares representing the single-member share capital of Lovato Gas will be cancelled", continues the note.
With this merger, "the process of simplifying the Group structure continues with all the benefits that will derive from it for our business - commented Cristiano Musi, managing director of Landi Renzo – Lovato will however continue to be an important brand of Landi Renzo due to its international presence and its strength in many strategic markets, from Russia to India”.
Landi Renzo is a typical company of the fourth Italian capitalism, one of the world leaders in the sector of components and LPG and CNG fuel systems for motor vehicles. The company, founded over 60 years ago in Cavriago (Reggio Emilia), is present today in more than 50 countries, with a percentage of sales generated abroad of around 80%.
Landi Renzo has been listed on the Star segment of the MTA market of Borsa Italiana since June 2007. In the mid-morning session on Tuesday, the title travels on parity, at 0,636 euros per share. On average over the last six months, the stock has lost 29,6%, while the one-year performance has dropped by 43%.
