Transaction executed according to the timeframe announced at the signing. SIT widens its product portfolio to include electronic valves for gas storage water heaters

Padua, September 1, 2021 – SIT S.p.A., a multinational listed on the Italian Stock Exchange, whose Heating and Metering divisions create intelligent solutions for controlling environmental conditions and consumption measurement, has completed the acquisition of the product line NGA (New Generation ​​Atmospheric) from US-based Emerson Electric, an agreement that was announced in July 2021. Below are the highlights of the acquisition:

• The NGA product line focuses on electronic valves for gas storage water heaters;
• The transaction includes the product, related patents and production lines (no plants or personnel), and is financed with the company’s own funds;
• The assets acquired will be installed in SIT’s plant in Monterrey (Mexico);
• Emerson Electric Co. is a US multinational listed on the NYSE and based in Missouri, listed by Fortune 500 as one of the biggest industrial technology companies.

The transaction, while not of a sizable amount, is strategic for SIT as it will allow the company to enter the market for electronic valves for gas storage water heaters. In the US, this is a significant market (2020 figures showed that electronic valves accounted for 73% of the market), and single-digit growth is expected in the coming years. The acquisition will also allow the expansion of the current storage heater product range, an area in which SIT is already present through mechanical valves. The transaction therefore forms part of a strategy to strengthen SIT’s competitive position and market share.

The time of the closing, indicated at the signing as being by the third trimester 2021, is in line with what was announced by the company, confirming the efficient execution by SIT’s management team. This closing happens just eight months after the closing of the acquisition of Janz, a Portuguese company specialized in water meters.