Carraro S p A : From FRIE, through Civibank, more than 11 million euros in loans over two years to SIAP, the Carraro Group's centre of excellence for components and gears.

Maniago (Pordenone), 17 November 2020 - An important new step on the road to growth for SIAP, the Carraro Group's centre of excellence for components and gears, which, through Civibank, has obtained a loan of 3.75 million euros from FRIE, the Rotation Fund for Economic Initiatives in the Friuli Venezia Giulia region. This loan, which is in addition to the 7.5 million euros loan obtained last year, is part of a support process by Civibank that will make it possible to accelerate the planned investments to extend the production capacity of the Maniago plants to support the expected volume growth.

'This new loan will guarantee SIAP the necessary support for the development plan, both to respond to the traditional agricultural and construction equipment markets, as well as to meet the demand for new orders in the automotive sector: trucks and off-road vehicles', says Enrico Carraro, the Carraro Group's Chairman. 'This is an excellent sign that confirms the vitality of our Maniago plants, where in the last five years we have invested more than 29 million euros, recording important growth both in terms of results and people.'

'Over the years we have consolidated a relationship of trust with the Carraro Group and, in particular, we have made ourselves available to support the growth of SIAP, aware of the positive repercussions on the local area in terms of both skills and employment', says Michela Del Piero, Civibank's Chairwoman. 'Today's loan is precisely in this direction and is consistent with the mission of our bank, which has always supported companies in the North-East.'

Over the last five years, SIAP, which is one of the Group's most dynamic industrial companies, has seen its workforce grow from 334 to 400 people (an increase of 67 people and permanent employment of 100 people). In the same period, the Maniago plants recorded over 29 million euros in technology investments aimed at renewing production processes and expanding operation areas (over 11,000 additional square metres). In addition to this, over 3.5 million euros have been invested in various safety and environmental initiatives over the five-year period, including an innovative 1 MW trigeneration plant, thanks to which, during the summer season, it is also possible to cool the working environment for the benefit of all employees.