Comer Industries buys Benevelli and Sitem from Reggio and expands to electric motors – Corriere.it

The sky above Berlin is no longer enough for Comer Industries, which, after the German acquisition of the Walterscheid Powertrain Group a year ago, is back shopping, this time in the backyard: the group from Reggiolo (Reggio Emilia), listed on Piazza Business and specialized in advanced engineering systems and mechatronics, it took over Benevelli Electric Powertrain Solutions and Sitem Motori Elettrici, based respectively in Rubiera and Castelnovo di Sotto. A diversification of strategies and in fact a system operation in Italian mechanics that could herald a pivotal role for Comer. «We move to the electric sector – explains the CEO Matteo Storchi -: we buy know-how and technology similar to our mechanics. We are talking about skills that are difficult to find outside the Motor Valley and we like to underline these territorialities and “Italianness”. I always say this to investors – underlines the top manager -: there are only two competitive Italian sectors in the world, without the need for aid and protection: precision mechanics and pharmaceuticals”. In detail, the acquisition provides for the purchase by Comer of the newco into which the two business branches from Benevelli and Sitem will merge for an enterprise value of 54 million euro. The closing is scheduled for mid-January. Storchi’s company was assisted by the law firm Nobili Rtz Legal together with Advant Nctm, the financing will be thanks to Credit Agricole.

E-mobility and autonomous cars

Taking over the two companies from Reggio Emilia, rooted in the territory and which together count 65 years of activity, for Comer means growing in an expanding market and defending Made in Italy manufacturing. With a distinction, though. “We don’t expect to jump over to the automotive sector”, specifies the CEO, who manages the group – 938 million euros in turnover in September (+20%), 135 million Ebtida (14.4% of revenues) – with his brother Marco, director, and cousin Cristian, vice president, representatives of the fourth generation. «We will remain in construction, agriculture and could expand to e-mobility and the Agv (Automated Guided Vehicle) and AMR (Autonomous Mobile Robot) sectors, i.e. automatic machines and forklifts that move autonomously inside factories : these are markets where we are not very present and where we will be able to have our say». What is certain is that Comer did not let much time go by since the last acquisition, the one in Germany of Walterscheid Powertrain Group, leader in the off-highway sector (drive systems for the agricultural, industrial, construction and mining equipment), present in 75 countries and with the latest turnover of 396 million euros.

Support against expensive bills

The move could lay the foundations for a new course for Comer: «We hope that our experience can attract other realities – confides Storchi -. We have reached a dimension in our sector that allows us to be globally competitive. Being able to move between Asia, Europe and the USA is a factor of competitiveness, I hope being back in the province at this point will entice other realities to be part of our project, because value must be created for everyone starting from the territory, the stakeholders and the people in companies”. And just to highlight the added value of its employees, Comer will provide all of them, 4,000 people between Italy and Germany, a bonus to cope with the cost of living. «A sign of trust in them», says the CEO.