(Alliance News) - Somec Spa announced Thursday that its U.S. subsidiary Fabbrica LLC, part of its naval architecture and civil façade engineered systems division, has been awarded two new contracts on the East Coast of the U.S., worth a total of EUR38 million.

The first contract is for a residential project developed by a well-known real estate investment fund in the Boston metropolitan area.

The work consists of a 37-story tower that will rise in the heart of the Kendall Square neighborhood in Cambridge, alongside other buildings previously entrusted to Fabbrica, and will be the tallest building in the municipality. In detail, Fabbrica will be responsible for the design, manufacture and supply of about 19,000 square meters of glazed facades.

The design phase will begin in the second half of 2024, while production is scheduled in the first quarter of 2025.

The subject of the second order, on the other hand, is a new science center for a leading private women's liberal arts college, part of the educational network of the prestigious Columbia University, in New York. The project involves the expansion and renovation of a 14-story building that currently houses research laboratories.

Specifically, Fabbrica was contracted to design, manufacture and install the glazed cladding for the new portion of the building.

Somec's U.S. subsidiary will also be responsible for replacing louvered windows in the existing building, as well as supplying new windows and fire doors.

Finally, it will provide a large roof, glass parapets and metal panels totaling about 3,900 square meters of glazed facades.

The design phases will begin in the second quarter of 2024, while the installation work is scheduled to be completed by the first quarter of 2025.

Oscar Marchetto, President of Somec, emphasizes, "These new orders, obtained in two wealthy areas of the East Coast, confirm the increasingly relevant role Fabbrica plays in the U.S. market and the soundness of our development strategy. The diversification of the portfolio, in fact, makes the business of our U.S. subsidiary resilient to crises and economic cycles. One example out of all is the 'education' segment, which we have been presiding over for some time by collaborating with some of the most prestigious university institutions, and which proves to be completely untethered from short-term or speculative phenomena. Last but not least, Fabbrica enjoys the privilege of working in synergy with real estate developers of great solidity and high standing, factors that give it an undeniable competitive advantage over other players."

Somec's stock is down 1.5 percent at EUR26.70 per share.

By Chiara Bruschi, Alliance News reporter

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