Friulia supports the growth of SIAP, the Carraro Group gears centre of excellence

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

Friulia, Regional Finance Institution of Friuli Venezia Giulia, invests in SIAP SpA, Carraro Group gears centre of excellence.

“For 30 years, the Regional Financial Institution Friulia has always been at our side, supporting the industrial activities of Carraro Group in the Friuli Venezia Giulia Region. – says Enrico Carraro, Group Chairman – Today this relationship is consolidated with the entry of Friulia in the share capital of SIAP SpA, an important financial strengthening of the company that will allow us to further accelerate the technological evolution of the processes of these plants, as well as extend their production capacity towards new product types”.

“With this operation, Friulia wants to support one of the Region's excellences by facilitating, on the one hand, maintenance of the know-how in the area and, on the other, recruitment of new resources that can derive from the company's growth, both on the domestic as well as international markets. Today, SIAP is a company with customers of very high standing and is a leader in terms of turnover with improving margins. All SIAP's main target markets - Europe, India and Asia - show positive growth rates; this data, coupled with the strategic nature of a company so strongly rooted in the area, have driven us to want to support its development with an operation that will give Friuli Venezia Giulia an even stronger company capable of growing on all markets”, said Pietro Del Fabbro, Friulia Chairman.

A capital increase up to a maximum of 8 million euros (23.24% of the share capital) which envisages a call (purchase) option in favour of the shareholder Carraro Drive Tech SpA. The operation is, in fact, aimed at supporting the development of a centre of excellence at the Maniago (Pordenone) plant with investments in capital goods to increase production capacity in order to consolidate SIAP's international leadership.

This investment, which strengthens the thirty-year relationship between Friulia and the Carraro Group, falls within the context of the new Carraro 2017-2021 Business Plan, which envisages the financial strengthening of SIAP with a view to increasing its investments in the technological evolution of production processes.

The Maniago plants are today a benchmark in the production of high-quality components and gears for both Group companies as well as the world's leading players in off-highway vehicles (agricultural and construction machinery) as well as in the automotive sector (cars and trucks).

The company's growth plan envisages 27 million euros of investments over the next 5 years concentrated at the Maniago plant with the aim of insourcing assembly of the more complex products, significantly increasing orders in the gear sector towards new applications and customers and managing in-house certain processes currently carried out at other Group sites.