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VALVITALIA ACQUIRES 100% OF SILVANI FROM UNITED TECHNOLOGIES

Valvitalia, the leading Italian manufacturer of valves and other equipment for the Oil & Gas, Power, Water Transmission and Defense Industries, has closed the acquisition of 100 percent of the share capital of Silvani S.r.l., located in Guanzate (Como) from UTC Building & Industrial Systems, a part of United Technologies Corporation (NYSE: UTX), a leading provider to the aerospace and building systems industries worldwide.

Founded in 1938, Silvani engineers and produces fire fighting systems and operates in the same industries of Valvitalia. Thanks to the widespread presence of Valvitalia in over 105 countries, significant synergies are expected from this transaction.

Silvanis acquisition is part of the strategic growth plan agreed between the Founder Salvatore Ruggeri, major shareholder of the group through the Family Holding Company Finvalv, and Fondo Strategico Italiano (80% Cassa Depositi e Prestiti and 20% Banca dItalia) which invested in Valvitalia with a stake of 49,5% in January 2014. The plan is to double the present size of the group and list Valvitalia on the Milan Stock Exchange. Valvitalia was recently admitted to the Elite Large Corporate program.

Valvitalia, which will close fiscal year 2014 with growing results over an already outstanding 2013, owns 9 plants, 5 of which in Italy, and employs 1070.

Valvitalia was advised by BANCA IMI while Legal Counsel was Gianni, Origoni, Grippo, Cappelli & Partners.
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