Italian industrial group Lucchini has agreed a deal to acquire a 49% stake in fellow Italian steel forgings firm Mamé Group, with a clause which could see it take on more share, to gain a controlling stake, in 2017.
Mamé Group, based in Cividate Camuno will maintain its functional autonomy and continue to be led by president Antonio Mamé. But, the move will mean the two firms can find areas of cooperation and synergies.
Lucchini has subsidiaries across Europe as well as in China and India. Its focus is on railway rolling stocks, but also large stainless steel forgings and castings for the oil and gas and nuclear and power industries. The firm has about 1600 staff and made Euro16 million net profit in 2013.
Mamé specializes in producing customised steel forgings, with more than 240 staff and operations in Europe, the Far East, US and Latin America. In 2013, the firm spent €22 million modernizing its plants. In 2013, it had €4.5 million net losses. Mamé said this was due to extraordinary write-downs and non-recurring instrumental assets valued at €3.1 million.
Antonio Mamé and Giuseppe Moschini maintain the respective positions of chairman and CEO of the Mamé Group.