LANGFANG, China (Oct. 7, 2015) — Brakes and components maker Brembo S.p.A. has agreed to buy a 66-percent stake in Asimco Meilian Braking Systems (Langfang) Co. Ltd., a Langfang-based brake disc maker, for approximately $96.7 million.
The remaining 34 percent will continue to be owned by Langfang State-owned Asset Operation Co. Ltd. The deal is expected to close in the coming months, following completion of customary authorizations and antitrust clearance, Brembo said.
Brembo's deal is with Asimco (China) Ltd. and Asimco Technologies Hong Kong Ltd.
Asimco Meilian, located within China's Hebei Providence, is a cast iron foundry and machining plant for the production of passenger car brake discs used to supply nearby car makers, most of which are joint ventures of European and U.S. customers, Brembo said. The firm employs 580.