Comer Industries, the main global player in the design and production of advanced engineering systems and mechatronics solutions, has finalised the acquisition of 100% of share capital of the German company WPG Holdco, head of the Walterscheid Powertrain Group, leader in the Off-Highway sector (components and systems for the agricultural industry, construction and equipment for mining) with market presence in 75 countries and a turnover of 396 million euros.
The deal structured in the past six months by Matteo Storchi, CEO and President of Comer Industries, is more of an industrial rather than a financial project. It is an expression of Made in Italy’s entrepreneurship, which actively translates into an Italian-German alliance and gives rise to one of the biggest mechanical engineering for agriculture groups in the world, listed on the Italian Stock Exchange. It was particularly celebrated by the German media, who interpreted the deal as an example of the economic rebirth of Italy in the international scene.
The two companies, in fact, are a perfect fit for each other, not only in terms of product but also for their market presence. Comer Industries is already a leader in power transmission mechanisms while Walterscheid leads the drive shaft market. The Italians have a strong presence in China, the Germans in the US. In the past, components from both companies have often been installed in the same agricultural machinery.
The reverse takeover operation thus forges an industrial group on a worldwide scale and with long-term investment prospects. As an international communications agency, we have had the pleasure to tell the world about the value of the deal. The acquisition represented, in fact, an opportunity for cross-border financial communications that were handled by Barabino & Partners Milano on the Italian side and Barabino & Partners Deutschland for the German perspective. The German media celebrated the industrial project with great enthusiasm, as it brings closer Italy and Germany in the latest example of Italy’s economic rebirth on the international stage, led by Mario Draghi.
“Draghi has created a completely different perception of Italy abroad”, explained Storchi to the German newspaper Sueddeutsche Zeitung, “Italy has been through difficult moments, and they are probably not yet behind us”, but it is in an Italian’s nature not to lose hope: “we have the ability to get back up quickly.”