COMER INDUSTRIES AND BONFIGLIOLI RIDUTTORI

HISTORIC AGREEMENT BETWEEN COMPETING MARKET LEADERS

From 1 January 2015, Bonfiglioli Riduttori will acquire the electric wheel drive and planetary track and wheel drive product lines from Comer Industries.

Reggiolo (RE)-Bologna, 8 July 2014 – Bonfiglioli Riduttori and Comer Industries announce a historic agreement that will allow both companies, leaders in the power transmission system design and production sector, to achieve their respective long-term strategic objectives.

Starting from 1 January 2015, Comer Industries will transfer its electric wheel drive (electric track and wheel) and planetary track and wheel drive product lines to Bonfiglioli Riduttori. The transfer of the two product lines will not affect Comer Industries’ workforce, since the agreement does not involve the transfer of resources.

For Bonfiglioli, this acquisition represents an extraordinary opportunity to expand its own range of planetary track and wheel drives, gaining ground in the market, and extend its offer of electromobility solutions, especially for the material handling sector. Comer Industries will be able to concentrate and optimise its resources on its core product lines, intended for industrial (machines for construction and forestry, energy, fixed installations) and agricultural sector applications.

In a global situation marked by profound changes in the structural conditions within which businesses operate and which faces ever more extreme competition, strategic vision and the ability to generate synergies are key to continuous growth. This collaboration between two companies that are historic rivals demonstrates that excellent businesses with a long-term vision are able to systematically exploit their every resource through partnerships that develop their own competitiveness in their respective reference markets.