Thanks to the entry of 49% stake in the Sydney subsidiary - for an investment of €1.5 ml - more local orders and entry into the infrastructure market.
SIMEST, a company that together with SACE forms the CDP Group's export and internationalization hub, is supporting the strengthening in Australia of Vicenza-based Faresin Building, Italy's leading manufacturer of industrialized building systems and among the top 5 worldwide.
An agreement was signed today in Rome by the CEO of SIMEST, Andrea Novelli, and the director of Faresin Australia, Lucia Faresin, in the presence of the presidents of Faresin Building, Guido Faresin, and SIMEST, Salvatore Rebecchini, for the CDP Group company to enter 49% of Sydney-based Faresin Australia Holdings, through the participation in a reserved capital increase. The investment amounts to 1.5 million euros.
Australia is a young and fast-growing market that already currently accounts for about 15 percent of the Veneto-based group's sales, generating high profitability. The investment aims to increase Faresin's market share through two directions:
the strengthening of the capacity of the Australian subsidiary in the acquisition of important local orders;
the entry of the group, already present in the Australian residential segment, into the promising infrastructure sector as well, thanks to the increase in equipment - intended for sale and rental - produced by the parent company. Direct positive spillover effects on turnover and employment at the plants in Italy are thus expected.
Faresin Building has already recently turned to SIMEST to strengthen its penetration in Nigeria - a country to which it exports - through a loan intended to cover the costs of promotional activities. SIMEST has also supported the Vicenza-based group in opening offices abroad, including one in St. Petersburg, Russia (2004). In addition, since 2008, Faresin Building has been a client of SACE, which has supported its growth in many geographical areas of the world: in the last year, 9 transactions were finalized, for a commitment made of about 2.5 million euros.
Faresin Building is a company with a strong international vocation: it is present in 68 countries through its network of distributors and sales branches with revenues generated abroad amounting to about 85 percent of global sales. All products are entirely manufactured at the Breganze plant in the province of Vicenza. The key to the company's success is its substantial investments in design and research have enabled it to create a complete range of products that meet the specific needs of different markets, initiating commercial policies designed to constantly feed the internationalization process.
The Faresin Building group has its production plant in Italy and employs a total of 136 people.