Italian Firm Moves to Acquire Safe Business from Agave
(post updated July 20)
Landi Renzo S.p.A., world leader in the supply of equipment for light duty gaseous fuel vehicles, is moving into CNG vehicle fueling via a $12 million acquisition of the Safe business of Italy’s Agave.
“Landi Renzo USA will definitely be involved in marketing this product throughout North America,” U.S. president Andrea Landi told F&F late in May.
Safe offers a wide range of compressors and other equipment for CNG fueling and described itself as a turnkey supplier with capacity of 550 CNG installations per year. The firm has a 280,000-square-foot headquarters in San Giovanni in Persiceto (Bologna) and approximately 170 employees.
Landi Renzo says that it has proposed to rent the Safe business branch from Agave, which is “a company in liquidation,” as the acquisition is finalized. The purchase price is reckoned at 2 million euros for the acquisition of the business and approximately 8 million euros for inventories.
Biomethane, Hydrogen and LNG, Too
In addition to compressed natural gas fueling, Safe serves the oil and gas sector with compressors and auxiliary systems for natural gas processing “from extraction to distribution,” Landi Renzo says, and can outfit biomethane, hydrogen and liquefied natural gas plants.
“During 2011, through the business branch in question,” states Landi Renzo, “Agave achieved a turnover of around 27 million euro” –approximately $33.4 million U.S.
According to Landi Renzo CEO Claudio Carnevale, “Landi Renzo believes that, with a view to industrial integration, refueling stations could have a parallel development of the use of methane as a fuel or even to boost it.”
Landi Renzo S.p.A. says it holds approximately 40% of the global market for CNG and LPG propane autogas conversion systems.
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