Brembo says closing of the transaction to acquire a 66% stake in the share capital of ASIMCO Meilian Braking Systems (Langfang), has now taken place.

As a result of the accounting assessments specified in the related contract, the transaction consideration was set at EUR78m (US$88m).

The price may be subject to the closing-related adjustments envisaged by the contract.

The remaining 34% of ASIMCO's share capital will be held by State-owned, Langfang Assets Operations, controlled by the Municipality of Langfang.

The closing was undertaken after receiving the necessary Antitrust authority's authorisations, as well as the positive outcome of the approval procedures by State-owned partner, MOFCOM (Ministry of Commerce of the People's Republic of China) and AIC (Administration for Industry and Commerce).

ASIMCO Melian Braking Systems, based in Langfang in the Chinese province of Hebei, owns a foundry and a plant for the manufacturing of cast-iron brake discs. The company supplies regional car makers, mainly joint ventures between Chinese companies and European as well as US OEMs.

ASIMCO Melian Braking System's Q1 2016 sales amounted to around EUR15m and the company employs a workforce of 637 staff.