STEZZANO, Italy -– The Board of Directors of Brembo S.p.A. resolved to submit to the General Shareholders’ Meeting – called to convene on July 27, 2023, – (the “Extraordinary Shareholders’ Meeting”) the proposal to relocate the Company’s registered office to the Netherlands, taking the legal form of an NV company (naamloze vennootschap) under Dutch law.
Brembo’s tax residence will remain in Italy. Brembo shares would continue to be listed on Euronext Milan of Borsa Italiana (“Euronext Milan”).
The transaction allows Brembo to strengthen its international drive and have a solid basis for its further development at global level, while retaining its Italian identity and its historic presence in Italy.
Brembo is the world leader in the design and production of high-performance braking systems and components for top manufacturers of cars, motorbikes, commercial and racing vehicles, with a totalof over 600 world titles won in the main Motorsport categories.
In 2022, the Group reported net sales of over €3.6 billion, up 30.7% compared to €2.8 billion 2021. Brembo’s growth path in over sixty years of history has led the company to achieve an increasingly global dimension, with revenue growth mainly concentrated in North America, Europe and China.
Faced with a rapidly transforming automotive market, Brembo has time ago launched a development strategy and started to gradually widen its range of solutions, investing heavily to foster the Company’s competitiveness. This is also the goal of the recently announced €500 million investment to step up Brembo’s productivity at world level, with a focus on digital transformation and sustainability. The objective is to ensure Brembo’s continued growth and its leading position in the global automotive market.
The relocation of the registered office to the Netherlands is thus aimed to support this strategy, creating the right conditions for Brembo’s future expansion, including through inorganic growth, for the benefit of its shareholders and stakeholders. This will allow Brembo to benefit from a legal framework capable of enhancing the Group’s global business dimension.
In detail, Brembo will offer its shareholders a strengthened increased voting right mechanism compared to the current one, thus ensuring a more solid shareholder base and higher flexibility in pursuing growth opportunities through acquisitions that can be made through the issue of new shares.
Brembo’s Executive Chairman Matteo Tiraboschi stated: “Brembo intends to continue to grow and remain a competitive key player in the global automotive market that is currently undergoing a great transformation. This relocation allows us to adopt a more flexible share capital structure that is more consistent with the Company’s future development strategy. It does not impact the Company’s business, identity, culture, or presence in Italy and in the regions of the world where we operate. Brembo will keep its tax residence in Italy. All manufacturing sites and commercial offices will continue to operate as before. There will be no changes in terms of Company’s organization, people and management, and our shares will continue to be listed on Euronext Milan. In particular, Italy is and will remain Brembo’s strategic priority.”
To view the entire announcement, click HERE
