Referring to the current report no 54/2010 of July 26th, 2010 the Management Board of Boryszew S.A. informs that on October 1st, 2010 a purchase agreement of works from Maflow S.p.A. w Administracji Nadzwyczajnej (under Extraordinary Management) and works from Man Servizi S.r.l w Administracji Nadzwyczajnej (under Extraordinary Management) was signed.
Purchase was executed by appointed by Boryszew S.A., company Maflow BRS S.r.l. with the seat in Milan, 20121, Via Senato 8.
The company Maflow BRS S.r.l is 100 % subsidiary of Boryszew S.A., created in September 2010.
Works group of Maflow consists of two works located in Trezzano sul Naviglio (near Milan) and in Ascoli Piceno and they consists and are purchased among others:
- assets,
- intangible assets (together with intellectual property),
- goodwill,
- inventories,
- selected agreements concerning activity of man Servizi, binding on the day of signing the agreement.
Both parties has agreed the a sale price of works group Maflow for EUR 6,5 million, and works group Man Servizi – for EUR 1,4 million.
Maflow works in Italy, except of production of completed cars cables (works in Trezzano sul Naviglio), are the main R and D center (Man Servizi) and the key source of semi product in the form of highly-processed rubber cables (works in Ascoli Piceno).
Purchasing the Maflow works in Italy, Boryszew Group starts the business integration of automotive sector in order to achieve synergy effects on the European scale using its own R and D center.
The above mentioned purchase will allow Boryszew Group to take full advantage of potential of Maflow Polska – works in Tychy and Chałemek – purchased on August 2010.
The Management Board of the company additionally informs that the process of purchase of international companies belonging to Maflow Group on the key arising markets for the automotive industry: Brasil and China has been finalized.
