Carraro Group Finalizes Takeover of mG miniGears
August 3, 2007—
Gear World SpA, a newly established company, put the finishing touches on its 100% takeover of mG holding SpA, the controlling company of mG miniGears.
According to a company press release, Gear World's pro-forma sales are expected to top 220 million euros by the end of 2007.
Gear World is part of a strategy aimed at granting independent growth to the group's activities in the international gear industry. Carraro's businesses already in the field include Siap in Italy, Turbo Gears in India and Gear Division of Carraro Argentina, all of which will be integrated with miniGears S.p.A.
In addition to the production head offices of Padua, miniGears has office in Virginia Beach, VA and Suzhou, China.
"The task of Gear World will also be the development of new high-tech components with high gear-mechanism content, such as phase transformers for automotive use, which we expect will contribute significantly to the group's growth in the components sector," says Carlo Borsari, managing director of the Carraro Group.
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