The recent shareholders’ meeting of Comer Industries, Reggiolo, Italy, approved a new shareholding structure for the Italian powertrain manufacturer, as well as approving the 2016 financial statement.
The new board of directors is now composed of Matteo Storchi, appointed CEO, Cristian Storchi and Luca Gaiani. Fabio and Fabrizio Storchi – first generation of the founding family Storchi – will remain on the board as emeritus president and vice president.
Matteo Storchi, his brother Marco and cousins Cristian and Annalisa now have a 75% total share. The first generation of the family have reduced their combined share to 15%. The remaining 10% belongs to shareholders outside of the Storchi family.
Matteo Storchi said: “A new chapter in our history is beginning. It’s time for the full involvement of the second generation in the company, with the task of fostering further growth in the group – in a globalized scenario where a large change in growth is necessary.”
The strategic goal for the next five years, is to position Comer Industries as a leading provider of power transmission solutions, improving both revenues and margins– with a target of 10% EBITDA on total revenue, the company said.
The board of directors also approved the 2016 financial statement, which closed with €304 million in revenue, with an EBITDA of €22 million. Profits are €6.6 million.
“Over the last three years, we invested resources and great energy in order to gain competitiveness and efficiency, with great focus on our human capital and our competences,” Matteo Storchi said. “We must continue in this direction, giving continuity to what has been done so far. Big challenges await us. We need a higher critical mass in order to be able to sustain the research and development activities, generate and sustain economies of scale, and improve market share.”