The entire controlling stake sold for a total amount of 5.3 mln €

Campodarsego (Padua), 28 July 2010. With the aim of focusing better on the objectives of development in the core sector of high-range gears, SIAP SpA, the company based in Maniago (Pordenone) specialising in the production of gears and components, today completed the sale of its controlling interest (of 50.0001292 %) in STM Srl, the forging company with a facility adjacent to those of SIAP, to MARIV Srl.

Together with the agreement between SIAP and STM a supply contract was signed which will ensure the continuity of the relationship between the two companies, with a view to a privileged partnership that can capitalise on the know-how consolidated over the years.

The operation, for a total amount of 5.3 million euro, will lead the “Maniago pole” to further concentrate its investments and the related R&D work on increasingly strategic processes and technologies in order to cater to demand, as well as possible, both in the traditional and in emerging markets.

Today’s agreement comes only a few weeks after Friulia SpA, the finance company of the Friuli Venezia Giulia Region, entered into the share capital of SIAP, an operation which had the aim of guaranteeing continuity of employment for workers in the facilities of the “pole” itself in conditions of good economic and financial equilibrium.

The sale of STM thus confirms the intention of sustaining the know-how and the set of core businesses of the SIAP facilities, in accordance with the process envisaged in the Carraro Group’s three-year plan, that is the development and production of drive shafts, cylindrical gears, bevel gear pairs, epicycloidal gears and assembled units for power transmission and axles.