Europe News: Cobra ups its stake in LIS to 89%

Europe News:  Cobra ups its stake in LIS to 89%

Cobra Automotive Technologies has increased its stake in Lombarda Impianti e Sistemi (LIS) to 89%, with the €15.525 million purchase of another 38.75% of the company’s shares.

Cobra previously acquired a majority stake (50.21%) in LIS in May 2007.

LIS is active in the sector of satellite localisation and surveillance and operates in Italy under the Eurosat brand.

According to Cobra’s CEO Carmine Carella, Eurosat’s services are well distributed in the Italian automotive world.

At the same time, LIS signed a preliminary agreement for the sale of its shares in Corpo di Vigilanza Città di Varese e provincia S.p.A and Project service s.r.l, for a total amount of €2.825 million. Neither of these companies is active in sectors relevant to Cobra’s core business.

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