CRIPPA AND SMI: ONE SINGLE GROUP

We are pleased to announce that CRIPPA and SMI, market leaders in the design and manufacture of bending and forming processes for metal tubes, have closed a deal for the integration of SMI in Crippa, thus becoming a single group.

The operation will be a growth opportunity for both companies: we will offer the market a complete range of products, with machines that will implement the offer of both companies. SMI S.r.l. is one of the undisputed leaders in the field of design and manufacturing of metal tube processing machines for the HVACR sector. A sector in great expansion and with a very high growth potential. A historical company, with a background to be valued and preserved.

The aim is to create a big group, cohesive in its objectives, but keeping the DNA of the founding companies. The cooperation, the mutual exchange of information, the production chains of Crippa and SMI will be maintained and implemented on the territory of the two production realities, in order to guarantee the consolidation of new or pre-existing collaborations.

With this integration, therefore, our industrial potential grows, increasing our development opportunities and our strength on the market. From now on, talking about us and ours, we will refer to the common heritage of know-how, values and personnel of CRIPPA and SMI, which will be enhanced and will create a mixture of cross competences. These two industrial companies become one big family that will face the market as a group with common goals and complementary industrial solutions. Together, with collaboration and cooperation we will aim at a common goal: to win the challenges posed by our customers, establishing ourselves as undisputed market leaders.

Our business development plan aims to create a strong, competitive group: a synergy that, thanks to a more complete product range, will allow the group to face and to win the competitive challenges, to prosper and to grow, responding competently to customers' needs. Together, we will achieve attractive revenue and profitability targets, supporting the development of highly innovative and sustainable products, while creating value for the community, employees and shareholders.

Antonio Crippa, partner and Chairman of the Board of Directors of the Crippa Group comments: "I am satisfied with the path taken together with the club deal promoted by Astraco with which we have laid the foundations for a cycle of development of the company. I am proud that Sergio Campeotto has chosen to join us in order to strengthen the presence in the HVACR and to further contribute to the growth of two realities of excellence

Claudio Viscardi, Crippa's CEO and Chairman of SMI's Board of Directors, comments: "As of today, our development plan relies on a working team able to bring competence, dedication and production references to better satisfy customers' needs. Our product range is now more complete and able to satisfy even the most sophisticated customers' requests. The new challenges posed by the electrification of vehicles and the revolution in air conditioning systems now represent an opportunity for growth and development that will allow us to prosper in the years to come".

Sergio Campeotto, CEO of SMI, partner and member of the Crippa Group Board of Directors, comments: "The opportunity to enter a context characterized by innovation, organization and commercial supervision represents the best achievement of the work I have always planned and carried out in SMI. I'm sure that SMI and Crippa, together, will be able to face and win the competitive challenges, to prosper and grow".

Nino Dell'Arte, CEO and founder of Astraco and Crippa's Board Member comments: "I am proud that our investment has supported the resolution of the generational changeover in Crippa and SMI, the growth of the group and the planning that will lead to achieve extremely interesting turnover and profitability targets, supporting the development and affirmation of a highly green product in the industrial B2B, creating value for the community, employees and shareholders. I would like to thank the Crippa family and the Campeotto-Faurlin family for the trust they have placed in our club, as well as all the investors who are collaborating synergistically on the project".

Dott. Claudio Viscardi – CEO CRIPPA