(Alliance News) - Gefran Spa announced on Friday the progress of the sale of its Drives business to the Brazilian group WEG, following up on press releases issued on Oct. 3 and 4 in connection with the sale of the shares of the Italian company Gefran Drives and Motion Srl and the German company Siei Areg GmbH to WEG SA.

Thus, on Friday, the group's Chinese subsidiary, Gefran Siei Drives Technology, signed an agreement with WEG Automation Equipment, a Chinese subsidiary of the WEG Group, to sell the related business unit for EUR2.98 million out of an overall total of EUR23 million in the agreement to sell the Drives business.

The effective date of the agreement is January 3, 2023.

Gefran is up 3.1 percent to EUR8.98 per share.

By Chiara Bruschi, Alliance News reporter

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