we receive e we publish the following Press release released by the Siad Group.
SIAD SpA. (“SIAD”) and SOL SpA (“SOL”) – two of the main Italian companies in the production of technical, industrial and medical gases – inaugurate today, July 10, the modern air separation plant (ASU) for the production of nitrogen, oxygen and argon in Velika Gorica, near Zagreb, Croatia, built through the production joint venture OXY Technical Gases doo (“OXY”).
The inauguration will be attended by the Italian Ambassador to Croatia, His Excellency Dr. Paolo Trichilo, the Consul General of Croatia in Milan, Dr. Stjepan Ribić, and the Mayor of Velika Gorica, Hon. Mr. Krešimir Ačkar.
With an investment of 50 million Euro, the initiative represents a virtuous example of Italian cooperation abroad, with SIAD, through its subsidiary ISTRABENZ PLINI, and SOL, through its subsidiary SOL CROATIA, which respectively hold 60% and 40% of OXY's share capital. The project is supported by European Bank for Reconstruction and Development (EBRD), which has signed a long-term financing of 31,5 million euros in favor of OXY.
The advanced plant is dedicated to the production of high-purity liquid oxygen, nitrogen, and argon. Thanks to its large size and high energy efficiency standards, SIAD and SOL will be able to source gas from the joint production company at competitive costs, while also ensuring benefits for the target end market.
Built in less than two years by “SIAD Macchine Impianti SpA”, a SIAD Group company specializing in the engineering and construction of technical gas production plants, industrial compressors, and LNG natural gas liquefaction plants, the new facility is already operational with a workforce of 30 direct and indirect employees.
Bernardo Sestini comments, President and CEO of the SIAD Group: The inauguration of the OXY air separation plant is not only an industrial milestone for the SIAD Group, but also a concrete step on our journey towards sustainable and responsible growth. This project, completed in record time thanks to the expertise of SIAD Macchine Impianti, embodies the values that have always guided us: solidity, innovation, authenticity, and differentiation. The plant's energy efficiency, its production capacity, and the synergy with the SOL Group demonstrate our commitment to investing in advanced technological solutions capable of generating value for the local area, our customers, and the environment. The support of the European Bank for Reconstruction and Development confirms the validity of our approach, founded on an industrial vision that integrates competitiveness, sustainability, and a positive impact on local communities. In a complex global context, we believe that collaboration and innovation are the keys to addressing the challenges of the future, and this plant is tangible proof of this.
Aldo Fumagalli Romario, President and CEO of the SOL Group, adds It is particularly significant that two Italian companies are joining forces abroad to strengthen their competitiveness in international markets. Collaborating with the SIAD Group represents a valuable opportunity for us, allowing us to work alongside a reliable and competent partner on an innovative and strategic project. Furthermore, given the growth prospects for the medical and technical gases business in Southeastern Europe, this joint venture with SIAD will allow us to benefit from the production advantages of a larger plant, effectively addressing the growing energy and environmental challenges facing the industrial sector.
Paolo Trichilo, Italian Ambassador to Croatia, concludes: This new investment, resulting from the collaboration between two leading Italian companies, further confirms the strong and growing economic cooperation between Italy and Croatia. The plant's inauguration comes just two months after the Business Forum meeting convened in early May in Zagreb, attended by over 150 Italian and Croatian companies. The meeting was opened by the Italian Deputy Prime Minister and Foreign Minister, Antonio Tajani, and the Croatian Ministers of Foreign and European Affairs, Gordan Grlić Radman, and Ante Šušnjar, Minister of Economy. This high-tech investment strengthens Croatia's commitment to sustainable and responsible growth.
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SIAD SIAD is one of Italy's leading chemical groups, with a 2024 turnover exceeding one billion euros, 70 customers, and 2.400 employees worldwide. Founded in Bergamo in 1927, chaired and managed by Bernardo Sestini, it boasts a solid tradition and experience. The SIAD Group has a global presence and operates in the Industrial Gases, Engineering, Healthcare, Natural Gas, and LPG sectors.
Since the foundation, values such as Solidity, Innovation, Authenticity and Difference, have allowed the SIAD Group to grow, continuing to expand year after year, in a responsible and sustainable manner.
SOL It is an Italian multinational group that operates in Europe, Morocco, Turkey, India, Brazil, Ecuador, Peru and China in two distinct and prevalent sectors: in the production, applied research and marketing of technical, pure and medicinal gases (Technical Gases Area) and in theHome Care (home medical care area), with a turnover of over €1.610 million in 2024 and over 7.200 employees.
