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Emak SpA's Tecomec Srl Enters Contract with Dinamica Generale SpA for Incorporation of Joint Venture Geoline Electronic Srl

Thursday, 10 Oct 2013 01:57am EDT 

Emak SpA announced that the subsidiary Tecomec Srl has entered into a contract with Dinamica Generale SpA for the incorporation of a new company, Geoline Electronic Srl. The contract follows the agreement signed on July 12, 2013 aimed at broadening the collaboration between the two companies, already linked by a supply relationship, for the technical-commercial development of electronic products to be sold with the Geoline brand name. The joint venture Geoline Electronic Srl, 51% of whose share capital will be held by Tecomec, will carry out the development and production of electronic control systems for applications in the Agricultural sector. The operation, valued at EUR 2.7 million, will allow Tecomec Srl to complete its range of products, thereby improving its offer to customers, widen its customer base, exploit opportunities for cross-selling through the distribution of products already available in Dinamica Generale‚Äôs portfolio and, in general, strengthen its market position. In addition, through this operation, Emak Group will acquire specific know-how in the electronics field. The agreement provides for the incorporation of Geoline Electronic on the part of Dinamica Generale by November 2013. The company branch composed of electronic products already developed by Dinamica Generale in the agri sector will be transferred by January 10, 2014 to the new company along with relative resources and skills. By the same date Tecomec Srl will acquire 51% of the share capital. 

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