Pictured L-R are CMD and EDGE leaders Giorgio Negri, Omar Al Zaabi, Rodrigo Torres, and Mariano Negri. (EDGE Group)
BEIRUT — The EDGE Group, the UAE’s largest defense conglomerate, signed an agreement today to acquire a “controlling stake” in Italian engine maker CMD (Costruzio ni Motori Diesel), the company announced.
“The agreement, which is subject to customary closing conditions and applicable regulatory and governmental approvals, represents a strategic move to expand EDGE’s footprint in advanced engineering, Industry 4.0, and power solutions,” EDGE said in the statement, noting the deal is expected to close by the end of the year.
CMD designs and develops propulsion systems for automotive and marine systems, including fast patrol vessels and Unmanned Aerial Vehicles (UAVs). The company has a plant in Atella, in southern Italy.
“By entering into this agreement with CMD, we are taking an important step in building a highly capable European propulsion hub that will complement and reinforce EDGE’s global industrial footprint,” said EDGE Group CEO Hamad Al Marar in the statement. “Through 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 aeronautical, automotive, and marine customers.”
