FRANCHI UMBERTO MARMI S.P.A. PRESS RELEASE
FRANCHI UMBERTO MARMI S.P.A. ACQUIRES 49% OF FUM AUSTRALIA PTY LTD
Carrara, March 1st 2023 - Franchi Umberto Marmi S.p.A., a leading international company in the processing and marketing of Carrara marble, listed on the Euronext Growth Milan market (Ticker: FUM) (the "Company"), today finalised the acquisition of 49% of FUM Australia Pty Ltd. ("FUM Australia"), a company incorporated under Australian law, at the same time entering into an option agreement concerning the discretionary and unconditional right to purchase a further stake representing 2% of its share capital.
Franchi Umberto Marmi has been present on the Australian market since November 2019 through a 49% stake in Franchi Umberto Marmi Australia Pty Ltd, the company that owns the Sydney showroom.
The stake in FUM Australia Pty Ltd will also guarantee the company access to a presence represented by a showroom in Melbourne.
It is envisaged that FUM Australia, with a view to rationalisation, will acquire the entire share capital of Franchi Umberto Marmi Australia Pty Ltd, in which the Company currently holds a 49% stake, thus bringing together under a single vehicle all of FUM's activities in the Australian territory.
This operation will allow the Company to have a greater presence on the Australian market, through the showrooms in Sydney (currently owned by Franchi Umberto Marmi Australia Pty Ltd) and Melbourne, and to directly govern commercial activities in Australia. The operation consolidates the Company's competitive advantage in the supply of Carrara marble services and products to current and potential Australian customers and contributes to strengthening the relationship with its customers.
Paolo Nicolai, the Company's historical business partner in the Australian market and indirect owner of the remaining part of the share capital of Franchi Umberto Marmi Australia Pty Ltd. will remain in office as Managing Director of FUM Australia Ltd.
Alberto Franchi, Chief Executive Officer of Franchi Umberto Marmi commented, "Australia is a market where we started to see an opportunity even before the IPO. Already in 2019, we entered into a strong alliance with Paolo Nicolai, a long-standing collaborator of the company. The partnership has allowed Franchi Umberto Marmi to enter an evolving market, with an ever-increasing demand especially in high value-added marbles, such as Calacatta and Statuario. By acquiring 49% of FUM Australia Pty Ltd, while at the same time guaranteeing us the possibility of increasing our shareholding to 51%, we are increasing our structure and the Group's international presence, strengthened by the quality and innovation capacity of our workmanship, which is reflected in the beauty of our products. The investment will help expand one of the most promising markets, a reference for our sector and for the entire Carrara industry."
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This press release is available on the Company's websitehttps://www.fum.it/en/investors/price-sensitive-press-release/and at the authorised storage mechanism EMARKET STORAGE (www.emarketstorage.com).
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Franchi Umberto Marmi, established in 1971, is a leader in the processing and marketing of blocks and slabs of Carrara marble, a natural stone that perfectly embodies Italian craftsmanship and luxury, with special characteristics that make it unique in Italy and in the rest of the world.
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Corporate website: https://www.fum.it/en/
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Franchi Umberto Marmi S.p.A. published this content on 01 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2023 08:11:32 UTC.
