Landi Renzo, an Emilia-based company specialized in methane, LPG, and hydrogen automotive systems, has approved the merger by incorporation of Metatron (100 percent owned) within the group and the demerger of the “Green Transportation” division: the latter will form a wholly controlled newco.
These two merger and demerger operations – according to the statement – “are conceived as a unit and constitute an important piece within the broader extraordinary industrial integration operation between the GT Business and the Westport Fuel Systems Italia group,” active in the same sector and based in Piedmont, but controlled by the Dutch fund Heliaca Investments.
THE OPERATION WITH WESTPORT/HELIACA
Last April Landi Renzo signed an investment agreement with Heliaca Investments regarding the integration between the Green Transportation segment and the Westport Fuel Systems Italia group.
The newco born from the demerger will be 100 percent owned by Landi Renzo and will subsequently be incorporated into Westport Fuel Systems Italia. At the end of the operation, Landi Renzo will hold a 15 percent stake in Westport Fuel Systems Italia.
WHO CONTROLS LANDI RENZO
Landi Renzo is listed on the Euronext Star Milano segment of the Italian Stock Exchange. It is controlled by Green by Definition, a vehicle of the Landi family that holds over 50 percent of the shares, and partly owned by Invitalia, the business development agency of the Ministry of Economy. Invitalia entered Landi Renzo’s capital in 2024 following a capital increase of 40 million euros: it owns about a 23 percent stake.
The CEO of Landi Renzo is Annalisa Stupenengo (in the photo), and the chairman is Stefano Landi.
THE FINANCIAL RESULTS
On August 7, 2025, Landi Renzo announced the preliminary consolidated unaudited results for the first half of 2025: consolidated revenues amounted to 129.2 million euros and adjusted EBITDA to 2.6 million (but the Green Transportation division’s was negative by 0.1 million), while the net financial position was 104 million.
The previous year – that is in the first half of 2024 – consolidated revenues were 139.1 million, themselves down by over 8 percent compared to the first half of 2023. EBITDA, or gross operating margin, was negative by 3.7 million.
