Cmd accepts proposed purchase of Edge from UAE
The company builds engines in Atella, Basilicata: signed the preliminary agreement for the sale of a majority stake. Closing scheduled for end of year
by Vera Viola
Cmd, an Italian company specialising in the construction of engines, has received and accepted an acquisition proposal from Edge Group, a company founded in 2019 and based in the United Arab Emirates, which is among the leading international technology groups. At Cmd's production site in Atella, Basilicata, in the presence of local institutions, a meeting was held to sign the preliminary transaction agreement: on one side, Omar Al Zaabi, president commercial of Edge Group; on the other, Mariano Negri, majority shareholder and descendant of the founding family of the company, which has over 35 years of experience in the motor industry and is now a major international player in advanced integrated propulsion systems. The proposal envisages the acquisition of a controlling stake.
The agreement represents an important opportunity for Cmd, which more precisely deals with the design, prototyping and development of advanced propulsion systems for automotive, marine and aeronautical applications. The Italian company has always chosen to stay in Basilicata, where it was founded in 1989, constantly investing in research and development and innovation, so much so that it has earned a solid international reputation. Edge group, for its part, aims with the acquisition to expand its presence in advanced engineering, Industry 4.0 and energy solutions.
For Cmd, the new agreement means more capital investment and access to new regional and international markets in the immediate term; and in the longer term: expansion of production capacity, further acceleration of R&D activities and advancement of positioning in both conventional and next-generation propulsion systems (the company is already strongly focused on hybrid propulsion systems).
Among the objectives: to create an integrated platform capable of developing competitive 'export-ready' products for automotive, aeronautics and marine applications, with high-quality production based in Europe, while contributing to global growth and technological progress.
Hamad Al Marar, Managin Director and Ceo of Edge Group says: "By entering into this agreement, we take an important step in building a highly efficient European propulsion hub that will complement and strengthen Edge's global industrial presence. Thanks to Cmd's proven expertise in piston engines and advanced propulsion technologies, we will accelerate the development of competitive, export-ready products that meet the most demanding requirements of our aviation, automotive and marine customers."
