Brembo Plans “Significant” Acquisition

Brembo SpA’s outgoing CEO Matteo Tiraboschi says the Italian brake system supplier is shopping for a large acquisition that aligns with its existing business.

He tells Italy’s daily Il Sole 24 Ore that Brembo is looking for targets primarily in Europe and the U.S., include those that could be as large as Brembo itself.

Tiraboschi announced earlier this year he would step down at the end of June after eight years as CEO. He will be replaced on July 1 by Daniele Schillaci, whose objective is to double the company’s annual revenue to at least €5 billion ($5.7 billion), primarily through acquisitions.

Tiraboschi says suitable candidates must be financially solid and offer attractive technologies and r&d capabilities. Reuters notes that Brembo shareholders approved a plan earlier this year that will enable the family that owns the company to retain control as new businesses are acquired.