Friulia again alongside SIAP, Carraro Group's center of excellence for quality components and high-complexity gears
Friuli Venezia Giulia's regional financial institution enters the capital of the Maniago-based company to support an important new phase of growth
Maniago (Pordenone), March 8, 2023 – Friulia, (Finanziaria Regionale del Friuli Venezia Giulia) Friuli Venezia Giulia’s regional financial institution, and SIAP SpA, Carraro Group's center of excellence for quality components and high-complexity gears, announce the finalization of an agreement under which Friulia will underwrite a reserved capital increase that will bring it to hold 19.3 percent of the capital of the Maniago (PN) based company. Friulia's goal is to support SIAP's further development path.
This is one of Friulia's most important financial transactions in recent years, demonstrating its great reliance on SIAP’s project and the Regional Finance Company's mission to support the territory's productive activities.
"For more than 35 years the financial institution Friulia has been following step by step the growth of our investments in Friuli, where today our Group is present with nearly 600 employees – commented Enrico Carraro, Chairman of Carraro Group – Thanks to this new intervention, we will be able to guarantee further development to our company in Maniago in relation to the start-up of projects with high potential. All this within a territory that over the years has always contributed in a decisive way to the growth of the entire Group."
"We are happy to renew our commitment to SIAP six years after our entry into the company's capital – added Friulia President and CEO Federica Seganti – We are talking about a true center of excellence that wants to continue to grow by focusing on its core business and expanding its target market. An international vision that, however, keeps firm roots in our Region both on the employment and technological innovation front".
The Friuli Region's financial institution thus returns to the side of SIAP SpA at a particularly happy time for the Maniago plant, which is experiencing truly remarkable growth rates due to major new orders.
Having surpassed 100 million euros in sales in 2022, over the next five years SIAP is now envisaging to exceed 210 million euros both thanks to the strengthening of volumes in the gearing area and to the start-up at the end of 2022 of the production of axles for the INEOS Grenadier off-road vehicle, which is moreover seeing a rapid increase from 44 thousand to more than 70 thousand axles per year.
The agreement with INEOS has enabled SIAP to further develop its expertise in the automotive field. At the same time, the Maniago-based company is consolidating its position as a reference point for off-highway gears globally, working alongside major OEMs in both the agricultural and earthmoving fields, and in the automotive sector it is gradually becoming more attractive to customers, such as Scania and Iveco, in relation to highly innovative projects for the most advanced industrial vehicles, such as hybrid and electric trucks.
The substantial increase in production volumes has also implied a concomitant growth in the number of SIAP's employees, which exceeded 570 in 2022 and will see more than 150 new entries over the next 3 years.
These development plans have also led to a marked acceleration in technological growth, with investments of 45 million euros between 2020 and 2022, with the parallel expansion of the production site to new plants in areas adjacent to the main one.