Economy / Bergamo City Tuesday 20 June 2023
THE NEWS. «Brembo accelerates the Group’s global growth strategy, through the transfer of the registered office to the Netherlands». The company from Bergamo announces it with a press release. The tax office will remain in Italy.
“The increased voting rights pursuant to Dutch law will be strengthened for the benefit of all shareholders, with the aim of encouraging the stability of the shareholder base and growth through external lines” explains the company: the operation is aimed at “strengthening the Group in the global automotive market. The fiscal residence as well as all the activities and people will remain in Italy”.
On the financial front, “the shares will continue to be listed on Borsa Italiana’s Euronext Milan”.
Brembo will maintain its tax office in Italy. All production and commercial sites will operate continuously
«“Brembo intends to continue to grow and remain competitive, to always be a protagonist in a global automotive market undergoing major transformation – explains the executive chairman of Brembo Matteo Tiraboschi -. This operation allows us to adopt a more flexible share capital structure and therefore more consistent with the company’s future development strategy. However, the operation does not affect Brembo’s business, identity, culture and presence in Italy and in the areas of the world where we operate. Brembo will maintain its tax office in Italy. All production and commercial sites will operate continuously. For the organization, people and management of the company, nothing will change and we will remain listed on the Italian Stock Exchange. Italy in particular is, and will also be in the future, the strategic priority for Brembo».
Registered office in Amsterdam
The company will adopt the legal form of limited liability company, substantially equivalent to the social type of joint-stock company under Italian law, governed by Dutch law – with the consequent assumption of the name “Brembo NV” – as well as a new text of the company by-laws compliant with Dutch law. The registered office will be transferred to Amsterdam, while maintaining the tax residence in Italy e “without proceeding with any reorganization of its operational activities and its people, who will continue to operate without interruption in Italy, through the establishment of a secondary office” reads the company’s communications.
The company from Bergamo with over 60 years of history
Brembo is a global leader in the design and production of high-performance braking systems and components for the main manufacturers of cars, motorcycles, commercial and racing vehicles with a record of over 600 world titles obtained in the main Motorsport categories. During 2022, the Group generated net revenues of over Euro 3.6 billion, up by 30.7% compared to Euro 2.8 billion in 2021. Brembo’s growth path in over sixty years of history has led the company to reach an increasingly global dimension, with a turnover development concentrated mainly in North America, Europe and China.
“The transfer of the registered office to the Netherlands is intended to create the right conditions for Brembo’s future growth, also externally, to the benefit of its shareholders and stakeholders” explains the company: “Thanks to this operation, Brembo will benefit of a legal system capable of enhancing the global dimension of the business achieved by the Group. Brembo in particular will offer its shareholders an increased voting mechanism in an enhanced configuration compared to the current one and will therefore be able to guarantee itself an even more solid shareholder base and greater flexibility in the face of growth opportunities through acquisitions achievable through the issue of new shares”. .
Learn more about the digital copy of L’Eco di Bergamo of 21 June 2023
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