Signed an agreement to acquire a 60% share in FAST Spa

The Pietro Fiorentini Group is pleased to announce the signing of an acquisition agreement for a 60% share in FAST Spa, a company with headquarters in Scandiano – in the province of Reggio Emilia – which manufactures process automation and control systems for industry and utilities production, management and distribution services. This transaction will be completed over the course of the coming months, with the remaining 40% of the shares to remain with FAST’s founding partners.

Since 1982, FAST has been working in the field of control technologies, developing products and integrated solutions for process optimisation. FAST’s products utilise advanced hardware and software technologies with the aim of simplifying the work of operators and thereby reducing the percentage of human error. The firm works with many multi-utility companies and with leading international players in the industrial market.

“For a large number of reasons that need no explaining, FAST’s entry into the Pietro Fiorentini Group exponentially expands our business prospects, both within the Italian and international markets – said Emilio Benati, FAST CEO – The clear and remarkable synergies that come from this transaction will allow us to offer smart solutions that have been created to be market leaders in the digitalisation field. I think that this collaboration will propel the growth of FAST and the entire Pietro Fiorentini Group, with solutions that are able to engage and enhance all our shared values.”

“We found this company to be the perfect partner to work with us in facing the challenges presented by the digitalisation of distribution and transmission gas networks – said Cristiano Nardi, Executive Chairman of the Pietro Fiorentini Group – The acquisition will increase our R&D strength in regard to the range of electronic products for metering, regulating and monitoring gas, by reinforcing the software solutions developed by our subsidiary Terranova. FAST joining our company will also give the Pietro Fiorentini Group the opportunity to accelerate its entry into the water sector, which we believe represents an excellent opportunity to seize upon the potential synergies in the area of digitalisation and smart metering”.

Another crucial point of synergy will come from FAST’s process control department, which will enhance the competitiveness of our Engineered Solutions Division thanks to its consolidated experience in the automation and control of machinery and plants, thereby providing further value to Pietro Fiorentini value proposition.

This is a transaction that represents a decisive step in the consolidation of the Pietro Fiorentini Group’s leadership position in the fields of smart metering and smart grids, thereby opening up new and important market opportunities.