Sampierana, here are the accounts and business of the company bought by CNH
CNH Industrial acquires 90% of Sampierana, active in the construction and earthmoving machinery sector, and the remaining 10% within 4 years for 101.8 million euros. Who sells and what is the state of the income statement of the company bought by Cnh
Actions in evidence in Piazza Affari for Cnh that continues to shop, the latest Sampierana.
CNH Industrial, an Italian-American company of the Exor group that produces vehicles and machinery, has finalized an agreement to acquire 90% of Sampierana, an Italian company specialized in the development, production and sale of earthmoving machinery, undercarriages and spare parts and to obtain 100% control of the company during the four years following the closing of the operation.
"This latest strategic acquisition will accelerate the growth of our construction equipment segment," said Scott Wine, CEO of CNH Industrial. "Sampierana's outstanding portfolio strengthens our presence in critical market segments and provides our dealers and customers with market-leading products that will be supported by our brands, our distribution network and our manufacturing experience."
The stock is trading at € 14.24 and with a rise of 0.21% at approximately 11.45 in Milan.
The closing of the transaction is expected in the fourth quarter of 2021, subject to the occurrence of some usual conditions for this type of conditions.
DETAILS OF THE OPERATION
The consideration for the entire acquisition (which will take place on a debt free cash free basis) will be € 101.8 million. It will also be subject to some adjustments at closure and subsequently.
The consideration, a note reads, will be financed with the available liquidity of Cnh Industrial.
WHAT SAMPIERANA DOES
As stated on the website, “born in the 1950s from a small artisan workshop for iron working, today Sampierana has over 250 employees and collaborators”.
Recognized in the construction machinery sector for its line of Eurocomach mini and midi excavators and special undercarriages, the Sampierana group has recorded a positive earnings trend year after year, particularly in Europe.
Sampierana is present in Italy, where its headquarters in San Piero in Bagno, province of Forlì Cesena, and the production sites are located. The company also has its own wholly owned subsidiary with a manufacturing site in Kunshan, China.
The activities of the Chinese subsidiary started in July 2019.
THREE DIVISIONS
Sampierana is organized into three divisions: Sampierana Underercarrieges dedicated to tracked undercarriages with fixed and variable track; Eurocomach for mini excavators, skid loaders and articulated backhoe loaders and Sampierana U / C sparepartes for rubber tracks, chains, shoes, lubricated rollers, tensioners, toothed wheels and much more for earth moving and more.
THE PARTNERS
With a share capital of 1,100,000 euros, the company is controlled by Cesare Para (managing director and chairman of the board of directors) and Moreno Para (board member), both with a 50% stake.
THE NUMBERS
The turnover at 31 December 2019 of Sampierana Spa amounted to 102,807,050 (up from 88,278,081 in 2018).
Specifically, revenues from sales by geographical area are divided as follows: 48,949,395 euros in Italy, 40,483,806 euros in the EU and 13,373,849 euros Extra-EU.
The group closed the financial statements with a positive balance: the profit amounted to 4,308,575 euros (down from 7,064,717 in 2018). Production costs amounted to 100,483,263 euros (up from 83,080,965 in 2018).
The company boasts a total of tangible fixed assets with a value of 4,870,418 euros, and a total debt of 63,341,632 euros (an increase of 33% compared to the previous year).
THE CNH INDUSTRIAL STRATEGY
The broad product portfolio, the high customization capacity and the existential prototypes of electric machines can be an ideal complement to Cnh Industrial's customer-focused and sustainable approach, which will allow the group to increase its product offering. and technologies.
This acquisition of Cnh Industrial's Construction Equipment business makes it possible to integrate Eurocomach mini and midi excavators, as well as Sampierana undercarriages and spare parts in its current product range, together with those already available on the basis of agreements with third-party OEMs.
It is a confirmation, continues the note, of Cnh Industrial's commitment to investing and wanting to grow the construction machinery business, improving its positioning in the high-demand market for mini and midi excavators.
AFTER THE RECENT ACQUISITION OF AMERICAN RAVEN INDUSTRIES
The shopping season for Cnh Industrial therefore continues.
At the end of June, the company had already signed an agreement to acquire 100 percent of the shares of Raven Industries, a company based in the United States that develops technologies for precision agriculture. For Cnh, the acquisition will help improve its position in the international agricultural market, equipping it with new innovative technologies for precision agriculture and autonomous vehicles.
ANALYSTS 'COMMENT ON THE ACQUISITION OF SAMPIERANA BY CNH
"With total revenues estimated above 100 million euros (which imply a multiple ev / sales in the order of 1 time) Intesa Sanpaolo believes that the acquisition is fully sustainable and supports the strengthening of Cnh's construction equipment business", reports MF / Milan Finance . “We also highlight that, with its Euromach line, Sampierana specializes in mini and midi excavators that will expand the range of Cnh products in the segment. In addition to this, Cnh could also benefit from Sampierana's presence in China ”, added Intesa Sanpaolo, which has a buy rating and a target price of 18.2 euros on the CNH share.
However, "this is a modest deal compared to the consolidated one", said Equita Sim according to which this acquisition demonstrates the will to grow the construction equipment business "which this year we estimate represents 9% of turnover and 4 % of operating profit, integrating the new products in its range, together with those distributed on the basis of agreements with third-party OEMs. Therefore, the probability that the construction equipment business can be sold by focusing only on the post-spin-off agricultural business is reduced ”, the SIM predicted, reaffirming the buy rating and the target price of 18.5 euros on the CNH share.
“Banca Akros also noted that the acquisition confirms that CNH intends to strengthen its positioning in the construction equipment business, while it appeared that it was considering a sale of this business in the past”, highlights MF . “We believe the news is practically neutral and on the CNH stock” which at the moment on the stock exchange rises by 0.21% to 14.245 euros, “we confirm the buy rating and the target price at 18.25 euros”, concluded Banca Akros.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/sampierana-ecco-conti-e-business-dellazienda-comprata-da-cnh/ on Mon, 30 Aug 2021 09:44:44 +0000.