Carraro will be on board the new off-road Grenadier

DISCLAIMER

The contents of this section are updated as at August 6th, 2021. Please note that, as a result of the delisting of the shares of Carraro S.p.A. from the Electronic Stock Market organized and managed by Borsa Italiana S.p.A., pursuant to the resolution n. n. 8788 dated July 29th, 2021 and effective from August 6th, 2021 this section has not been subject to further updates. Therefore, the information, the data, the documents and, generally, the contents of this website refer to and are updated as at the date of August 6th, 2021

Campodarsego (Padua), 4 December 2019 – New important step on the road to growth for Carraro Group. A strategic supply agreement with INEOS Automotive was signed in the past few hours.

This relationship, with a total value of more than 420 million Euros with a time horizon of over 10 years, consists in the supply by Carraro of front and rear axles for the new off-road 4x4 vehicle “Grenadier” of INEOS Automotive, which will enter the market in 2021.

Thanks to this agreement, Carraro Group will have the opportunity to significantly increase the volumes of its special axles for commercial vehicles, minivans and off-road vehicles.

At the same time this expansion of activities within the automotive sector, that has always been very challenging, will allow Carraro to increase its skills by further improving in terms of quality, time to market and logistic efficiency. This will also have positive impacts in the Group's traditional areas, such as agricultural equipment and earthmoving machinery.

"This important agreement with INEOS highlights our will to develop the Group's off-highway automotive sector. – commented Enrico Carraro, Chairman of the Group – Being on board the Grenadier project also means for us to expand the product offer in a complementary way towards a sector with great potential for future developments”.

“The appointment of Carraro Group reinforces our commitment to bring together the world’s best suppliers, creating the ultimate utilitarian off-roader. – Dirk Heilmann, Chief Executive Officer of INEOS Automotive said – Carraro offers a wealth of engineering experience and a robust product that compliments the Grenadier blueprint of an uncompromising 4x4.’’

Carraro Group has been chosen for this project among all the possible global players, alongside BMW, which is already on board for the engine-related part, as a reference partner for the supply of axles thanks to the skills acquired along the decades in the off highway market of agricultural and earthmoving machines that typically require high strength and reliability in every context.

The new Grenadier (www.ineosgrenadier.com) is conceived as a new “uncompromising” vehicle within today's off-road market. With permanent all-wheel drive, designed to be efficient even in the most extreme conditions, this project ideally inherits the pioneering spirit of the first 4x4s well known for their ability to function even in the most complex environmental situations.

This vehicle will be manufactured in England at a plant currently under construction in Bridgend, South Wales, which will employ up to 500 people at full capacity. Today an interfunctional team is working on the finalization of the Grenadier Project involving over 200 engineers - at the INEOS R&D Center in Stuttgart, under the guidance of the English parent company - with a single goal: to create a 100% "rational" vehicle, designed in every detail to be useful to those who drive it.