Italy - EN

Italy

An unshakable partnership

Italy has long been a destination that evokes images of romantic getaways, delicious gastronomy, stunning architecture, and an idyllic pace of life. The country is also the eurozone’s third-largest economy, with its close ties to Germany and excellence in innovation playing a key role in the economic stability of Europe.

espite being one of western Europe’s youngest countries, Italy’s strong position is bolstered by being a vanguard of innovative design and manufacturing. Merchandising brand Made in Italy, first coined to showcase the country’s unique export prowess in the traditional industries of fashion, food, furniture, and mechanical engineering, has become a mark of prestige: quality, high specification, luxury, and elegance. From beautifully tailored suits to high-performance motor vehicles, Italy’s message is clear.

An essential factor in Italy’s success is its strong links with the eurozone’s largest economy – Germany and the two countries’ long-standing bilateral relations are key to Italy's continued economic rise. Indeed, Armando Varricchio, Italian Ambassador to Germany stated in 2021 that the overall trade exchange between Italy and Germany amounted to more than €140 billion: “the highest level ever of Italy’s trade relations with a foreign country.” It is perhaps no surprise that the two countries are aligned in their vision to work together. Shared experiences in historical development and positioning at the heart of Europe, alongside membership of NATO and the EU, have created an unshakable bond. In addition, close economic links have provided fertile ground for continued growth in tandem.

Notwithstanding the short space of time, much has changed since 2021. The impact of the Ukraine war in particular weighs heavily on Europe, specifically relating to energy inflation. Italy’s quick actions commenced a future severed from Russia - former Italian Prime Minister Mario Draghi offered full support for the EU-level sanctions against the country, and by September 2022, Italy’s reliance on Russian gas dropped from 40% to 10% due to the government’s agreements with other supplier countries.

Significantly, a dramatic change in government in October 2022 has not unsettled Italy’s commitment as a European Union champion. New prime minister Giorgia Meloni may politically differ from her predecessor, but the pair are united in their pro-NATO and pro-EU stance. Crucially, she has thrown her weight behind a 2022 “action plan” crafted by Draghi and German Chan-

Italy's new prime minister Giorgia Meloni met Chancellor Olaf Scholz in February 2023

Italy remains a popular destination for German tourists

Italian products are exported all over the world cellor Olaf Scholz, which saw the pair agree in December 2021 that the time was ripe to make the long friendship between both nations “a strategic partnership.” This was echoed a month later when Italian Foreign Minister Luigi Di Maio met with German counterpart Annalena Baerbock in Rome. Di Maio stated that the countries’ collaboration would focus on issues such as the climate crisis, the pandemic, and geopolitical risk.

Fameccanica is Italy’s leading producer of automation and robotics solutions for the consumer goods industry. Since healthcare giant Angelini Industries acquired 100% of the shares of Fameccanica in June 2022, CEO Alessandro Bulfon has set his sights on business growth through a continued focus on innovation and sustainability, attracting the best talent in the industry, and creating a workplace culture that empowers his people.

What gives Fameccanica its unique strength in the global market?

Innovation sits at the very core of Fameccanica’s strategy to build a better future.

We have been named the most innovative company in Italy, with 85 patents filed at the European Patent Office, bringing our total number to more than 750. Our strength is that we foster an ecosystem of open innovation. We promote entrepreneurship, empowerment, and open discussion among our people, which nowadays is uncommon within the industrial sector.

What sustainability initiatives are you currently focusing on?

agile, and resilient. Being a research-focused enterprise has given us a competitive advantage since we are always on the lookout for the next innovation. Meanwhile, we must continue to invest in capable people. Our company is successful because our employees have an elevated sense of belonging, and they’re guided by a leadership team that is willing to take risks and be highly responsive during times of need.

What are your thoughts on Italo-German collaboration?

While this remains a spoken agreement, things look promising. Meloni met Scholz on February 3 2023, and recommitted to this influential partnership. Italy's first woman PM said: "We are two nations bound by bilateral ties that are spread across almost all sectors, a partnership with a strong economic interconnection, two complementary economies. Our cooperation is fundamental for European solutions to the complex issues of these times.”

Baerbock further emphasized that additional cooperation between Italy and Germany would not only benefit the two countries but the European Union as a whole. Collaboration opportunities lie in key strategic areas, such as cultural and economic cooperation, and the fight against climate change. This can only mean increased potential for both countries to further strengthen their bond, and their economies, and be at the forefront of future innovations.

Fameccanica has been named one of the Top 100 sustainable companies in Italy, and sustainability remains a strategic priority as we reshape our fundamental approach to meet this requirement. For instance, during the pandemic we established a sustainable packaging innovation hub in Bologna to mass-produce packaged products using newly-developed sustainable materials.

We also launched Greenpackt – a patented all-in- one production system developed to make the packaging industry 100% sustainable – and entered a project co-financed by the European Commission called LIFE ALLIN, which aims to reduce raw material usage by up to 23% and lower CO2 emissions by 10% per year.

How else has Fameccanica adapted since the pandemic?

We have learned to become flexible,

The EU is flush with knowledge and leadership, and we have a responsibility to exploit the benefits that come from cooperation between EU member-states. Germany and Italy are the two biggest manufacturing countries in Europe, and collaboration between these economies can boost the industrial credibility and capacity for technological innovation in both nations.

What are Fameccanica’s priorities for the future?

Fameccanica has ongoing collaborations with major Italian institutions for technology and business. We recently started working with MIT, and we are always on the lookout for global and European partners to help us reach our goals. Speaking of the future, we are focusing our investments on talent, innovation, and sustainability. We must continue to provide a good workplace environment for our people and strive for cutting-edge innovation for a better life and future.

INTERVIEW “Innovation sits at the very core of Fameccanica’s strategy to build a better future”

ALESSANDRO BULFON CEO, FAMECCANICA GROUP

“Made in Italy has become a mark of prestige”

Italy has managed to balance growth with sustainability

Italy’s leader in water pump solutions continues its global expansion

Approaching fifty years in business, industrial giant Pedrollo Group gears up for its next half-century, with a firm focus on exporting the Made in Italy brand.

Founded in Verona by Silvano Pedrollo in 1974, water pump manufacturer Pedrollo SpA has grown into one of Italy’s most successful industrial giants. A globally recognized yet still family-run enterprise, today the Pedrollo Group operates over two hundred thousand square meters of research, design, and production facilities in Italy alone, and exports its products to over 160 countries across five continents.

Pedrollo Group has doubled in size over the last five years through acquisitions and internal growth, and now produces almost 3 million pumps a year. Complementary businesses under the Group’s umbrella now include Linz Electric (alternators), Gread Elettronica (specialists in electronics and software) Panelli (submersible pumps and motors), and US-based Superior Pump. In January 2023, Pedrollo announced a fur-

ther major acquisition of Barcelona-based Saci Pumps, expanding the Group’s reach into the Iberian Peninsula.

Taking the Made in Italy brand international is the guiding principle behind Pedrollo’s business model, alongside a commitment to innovation, with 15% of yearly turnover invested back into the Group’s R&D department. Pedrollo also takes inspiration from German manufacturing practice. “We've learned about stability, robust industry, and technology from Germany,” said Pedrollo’s Co-CEO, Giulio Pedrollo. “We invest heavily there, because without our German branch, we cannot succeed in Europe.”

Pedrollo’s growth ambitions are always aligned with its strong commitment to sustainability. The Group has made significant investments in recent years to

enable its companies to produce power from renewable sources, with energy autonomy across its facilities the end goal. Additionally, initiatives including their Water Project have donated more than 1,300 wells worldwide, providing clean drinking water to over two million people.

With the total combined turnover of companies operating under the Pedrollo banner reaching €372 million in 2022, the Group is now eyeing up India and China for its next acquisitions, while continuing to consolidate its strong position in Europe.

Q: How important is the German market for your company?

“We are an ethical and socially responsible enterprise, helping to make water, energy and technology accessible for everyone in every part of the world,” says Giulio Pedrollo, Group Co-CEO.

Q: How does Pedrollo stand out in the global marketplace?

We are an international company that has adapted our business to operate across multiple languages, cultures, and markets. Over the years, we have learned a lot, especially from dealing with poorer

nations and understanding their need for cost-effective yet reliable products. As an international company, we recognize the importance of manufacturing high-quality products, such as water pumps, that are essential for everyday living.

Q: How is Pedrollo leveraging innovation to remain competitive?

We are lucky to be in Italy because there is an abundance of great engineers. We provide a high level of training to our technicians and managers to stimulate innovation and growth. Recently, we had the University of Padua conduct a seminar for our engineers about the evolution of plastics and their use in the future. We also invested in simulation software which we use to provide a better calculation of how we can make our products work more efficiently.

Europe remains our most important market, and Germany is one of our main targets in the region. Establishing a direct presence in the country through Pedrollo Deutschland GmbH has allowed us to further grow our overall market share, compared to if we had simply continued selling direct from Italy. The pandemic taught us the importance of being closer to our end-users, and operating branches in other countries enables us to gain firsthand experience of local market trends. This is one reason why we continue to foster a constructive and positive relationship between Italy and Germany.

Q: How is Pedrollo addressing its CSR obligations?

We have begun to install solar panels at our facilities, in order to become more energy self-sufficient. We recycle the water we use, and have taken steps to install additional energy-saving technology to cut waste. However, our biggest commitment

is to the health of our people. This year we want to create the Pedrollo Foundation, which will help the most disadvantaged people in the world. We developed our CSR policies not as a way to sell more, but to improve the livelihoods of those who are less fortunate.

Q: What does Made in Italy mean for Pedrollo?

Products made in Italy are known to be well made and beautiful, and good value for money. Every product we manufacture must combine high quality and beauty. Made in Italy is our hallmark, and we’re proud of it.

“Made in Italy is our hallmark, and we’re proud of it”

GIULIO PEDROLLO GROUP CO-CEO

Pedrollo‘s headquarters, San Bonifacio, Verona

Giulio Pedrollo alongside sister Alessandra and father Silvano

Innovative Voices

NATUZZI

At Dainese, we are passionate about unlocking the full potential of human beings. We believe that there are incredible capabilities within us that have yet to be fully expressed. That's why when we design a helmet, we don't start with the design of the helmet itself, but focus instead on the needs of the human head. For example, by understanding the specific needs of Valentino Rossi’s physiology in a race condition, we are able to develop technology that can meet those needs in the most advanced way possible, in order to protect the user. We then feed what we learn on the racetrack back into our consumer products. This philosophy is at the heart of everything we do at Dainese,

and it drives us to continually push the envelope of innovation.

We understand that conditions and dangers change, and the way people ride their bikes is constantly evolving. That's why we are always providing riders with new tools that can change the way they ride. For example, we observed that with new motorcycle technology, riders were not only cornering and sliding with their knees, but also their elbows. So, we developed specific elbow protection that allows them to ride their bikes faster and with greater confidence. It's these kinds of innovations that set us apart from the competition, and make us who we are.

From my observations gained from 25 years of consulting, you cannot be a relevant company if you don't own innovation. If you're just a marketeer or distributor, sooner or later consumers will get bored with you. You need to have an internal engineering component to drive innovation in-house. When it comes to Natuzzi, innovation starts from the beginning, with material research and product design based around a particular solution to the demands of motion. You have to consider that our products, especially our upholstery designs, tend to be very complex, because most of these products have an element of motion which enables users to adapt their sitting position.

Each of those elements is internally designed, internally tested, being put through a very, very tough quality assurance process. This is because our final products need to be a functional piece that combines art with mechanics and durability. There are many elements which need to fit together, and the company has specific processes to ensure that our product quality exceeds relevant industry certification standards. Our seating products have also received ergonomic certification from the Ergonomics Certifying Institute (ErgoCert). It's not just about designing beautiful products – it´s also about making sure they last, and can also be easily integrated into the consumer’s lifestyle in a very durable way.

FIDIA FARMACEUTICI ITALDESIGN

We are an Italian multinational, established in 1946, with a vocation to create solutions to meet new challenges in health while improving people’s quality of life. Fidia was the first company in Europe to produce hyaluronic acid, as well as the first to launch a commercial hyaluronic acid product. We have understood the regenerating potential of hyaluronic acid since the 1950s and today we are one of the leading global players in its manufacture. We filed our first patent for hyaluronic acid in 1980, and today, we hold more than 1,100 patents for this product alone.

Innovation is the gateway to the future, and thanks to this well-established body of patents involving hyaluronic acid, our research never stops. We are always looking to the future of regenerative medicine. We are a dynamic company that has opened up new pathways in international markets, and experiment with new approaches. Fidia sells in more than 100 countries, and 49% of our revenue comes from international markets. It is 10 years this year since we entered the German market, and in 2023, Europe and Germany will play an important role for us because we are going to launch our skincare and aesthetic care businesses.

Italdesign is much more than a design studio. We have been combining heritage and an innovative mindset since our foundation 55 years ago. For example, in the early 1990s, we were the world’s first service company and independent styling and development studio to build a Virtual Reality Center, which was a huge investment for a business that was not producing and selling cars in terms of millions of units. But we invested at the time, and have since then kept reinvesting in this technology, with our Italdesign Labs, launched in 2018, allowing designers, engineers, validators to test future design solutions on both a virtual and physical field. This mix between virtual and actual reality, which we now call mixed reality is a space in which we can test configurations and make proposals faster, in a more efficient and cost-effective way.

Innovation is a question of mindset – it's something that you can train and cultivate, and we have recently launched an internal startup mindset programme to promote innovations between our team members. Innovation is what helped us to emerge from the competition, and through initiatives such as this, we are trying always to stay one step ahead.

Leading CEOs from some of Italy's most globally-recognized businesses explain on how innovation is a key component of the Made in Italy approach.

“We believe that there are incredible capabilities within us that have yet to be fully expressed”

Cristiano Silei, CEO

DAINESE

“Innovation is the gateway to the future”

Carlo Pizzocaro, CEO

“You cannot be a relevant company if you don't own innovation”

Antonio Achille, CEO

“Innovation is a question of mindset – it's something that you can train and cultivate”

Antonio Casu, CEO

Shining a light on Italy’s marriage of form and function

In Italy, functionality and perfect form are always combined, and this is especially true in the internationally renowned style capital of Milan, where brands like Artemide set the standard for both innovation and design.

From the simple elegance of a Prada purse to the stylish curves of a Vespa moped, Italian products are synonymous with sophisticated design. Following traditions dating back through the ages, everyday objects are imbued with passion and beauty, elevating them to the level of high art.

Lighting brand Artemide is no exception to this rule. Founded in 1959 by the late pioneering engineer Ernesto Gismondi, Artemide stands at the forefront of the Made in Italy movement, offering innovative concepts to style-conscious customers worldwide. Today, President and CEO Carlotta de Bevilacqua is building on Artemide’s legacy. “We have a vision for the future while embracing the present, catering to human needs and perpetuating the culture of beauty,” she said.

Under de Bevilacqua’s visionary leadership, Artemide has collaborated with some of the world’s top architects, including BIG, Foster + Partners, Herzog & de Meuron, Hassell, and Neri&Hu, to create lighting solutions that

not only blend with the environment but also strive to preserve it. Innovations like the Artemide App, for example, allow users to lower their energy consumption by controlling lighting through their smartphones.

Innovative ideas like these have established Artemide as a strong player in the German market. De Bevilacqua attributes this success to a harmonious alignment of core values rooted in a passion for architecture and respect for the environment. “Germany is a market we continuously grow in since we learn from its culture.”

A designer, architect, and above all, a humanist, de Bevilacqua believes that it is this last quality that enables her to most effectively convey the company’s philosophy of human light. “For years, we have studied the influence of how light affects people physiologically and psychologically, and we found how important it is to enhance their experience of a space through our designs,” she said.

“Germany is a market we continuously grow in since we learn from its culture”

CARLOTTA DE BEVILACQUA PRESIDENT AND CEO, ARTEMIDE

Carlotta de Bevilacqua

Artemide‘s founder, Ernesto Gismondi Continues on page 26

The Italian pioneer of the bottle closure industry

With a remarkable track record spanning almost seven decades, Guala Closures has cemented its position as a market leader, having shipped an impressive 18 billion of its exquisitely designed and manufactured products to over 100 countries worldwide.

Founded in 1954, Guala Closures has always been at the forefront of the bottle closures industry, and its recent commitment to luxury and sustainability has further strengthened its standing in the sector. With 4,800 employees who share a passion for excellence, the company strives to ensure the quality and elevate the reputation of the world's leading brands in alcohol, soft drinks, wine, olive oil, and condiments. Owing its success to its innovative approach, which has made it a top player in high-value-added closures, the company boasts an impressive portfolio of 170 active patents and offers over 300 different models. Having previously worked for Ducati in Germany, CEO and Chairman Gabriele del Torchio is no stranger to Italian excellence in design. Here he shares his vision for expanding the company's global reach with a strategic focus on growth, sustainability, and innovation.

ufacturing plants, which brings us closer to our customers. We have also invested heavily in R&D and technology to nurture these elements, with our six R&D centres around the world working to design the closures our customers want. Sustainability is another key strength, and we pioneered a move to sustainable production in 2011. We also started focusing on incorporating diversity and inclusion in our projects. However, manufacturing efficiency is always at the top of our minds. Being cost-competitive is key in this industry. The motivation of our management team is also crucial for us, which is why we maintain a motivated and professional workforce that shares our target objectives.

Q: How are you leveraging the Made in Italy brand?

Our goal is to have a local soul while remaining a global Italian company. Despite keeping the Italian brand of our closures, the management teams of our global plants are composed of locals, coordinating closely with our Milano and Alessandria R&D centres. In 2021, we recalibrated our goals to maintain strong Italian roots while providing local perspectives to serve local markets. The challenge of being a global company is keeping the Italian spirit while understanding local needs.

Q: The acquisition of Labrenta in 2022, which produces high-end, tailor-made closures, strengthened Guala Closures’ presence in the luxury market. However, counterfeit wines and spirits are a problem for that segment. How is Guala Closures safeguarding its customer brands?

that let customers know whether or not a bottle was opened.

To take advantage of the strong trend in the spirit market for premium products, we have also designed a new series of closures that uses prestigious materials such as ceramic, glass, resin, and even zinc and aluminium alloy, to create an elegant, high-quality solution for highend spirits that integrates performance and an incomparable visual impact.

Q: How does innovation factor into your growth strategy?

Premiumization and connectivity through microchips and QR systems are a key focus. Our engineers are also grappling with improving sustainability through innovation by using more recycled materials, with an aim for our products to be at least 35% sustainable. We also have an ongoing partnership with Oceanworks, a global marketplace for recycled ocean plastics and other sustainable materials.

technology. Our German plant has revenue of around €50 million. Of that, €10 million comes from exports to France, and another €10 million from our exports to Poland.

The relationship between Germany and Italy is unbreakable. One can't survive without the other. Germany's strength lies in its skill to provide innovation and solutions with fresh eyes, but Italy could do the same as well. By working together, we are building on our respective strengths. Ducati, a leader in technology, design and manufacturing, is an example of how Germany and Italy can work towards growing together.

Q: What is Guala Closures focus for 2023?

Q: How does Guala Closures stand out in the global marketplace?

Product design, innovation, sustainability and technology are all competitive advantages, as well as a global presence through our man-

The luxury segment of our business is the key to our growth, and we are aiming for this area to provide at least 10% of the Group’s total profit. We have invested heavily in anti-counterfeiting technology and have started producing our NěSTGATE connected caps to help address the issue. They include near-field communication tech

Q: What are your thoughts on Germany as a key market?

Germany is our number one commercial partner, and relations are constantly growing. We have a detailed plan to further reinforce our presence and expand business there by introducing new state-of-the-art

Geographical expansion is a key focus because we want to be the undisputed world leader in the sector. We are the market leader in Western and Eastern Europe, Latin America, India, Australia, and New Zealand, and now we are seeking opportunities in other regions like North America and Asia. We are paying close attention to China in particular. The Chinese market is the world’s biggest market for spirits, and as of now, our presence there is still limited. We plan to open our seventh R&D centre in China, together with new plant in Chengdu area.

” The relationship between Germany and Italy is unbreakable. One can't survive without the other.

GABRIELE DEL TORCHIO CHAIRMAN & CEO

Guala Closures is now focussing heavily on the luxury segment

NěSTGATE near-field communication closure

Flying high with style

From the first attempts at human flight, to daring transatlantic crossings, Italy has a longstanding reputation for manufacturing innovative and elegant aviation solutions.

For centuries, Italians long dreamt of taking to the skies. However, it wasn’t until 1909 that Leonardo Da Vinci’s dream became a reality. On January 13 a triplane designed and built by Aristide Faccioli briefly took off from Mirafiori horse racing track. Powered by a four-cylinder engine, the magnificent machine piloted by Faccioli’s son Mario briefly rose up into the air.

Though this maiden flight came down with somewhat of a bump, the all-Italian team went back to the drawing board producing a series of stunning-looking Faccioli biplanes. This winning combination of determination, inventiveness, and flair marked the start of an aviation industry that produced groundbreaking craft such as the elegant Savoia-Marchetti S.55 flying boat. After being introduced for transatlantic flights in

1926, this plane went on to set records in speed, altitude, and distance. Tracing its roots back to Siai Marchetti - the company that produced this historic plane - the Mecaer Aviation Group (MAG) is carrying on this noble tradition into the 21st century. Specialising in aircraft solutions such as landing gear and helicopter maintenance, MAG is reaching ever-dizzying heights as it continues to expand into new markets.

Providing innovative solutions for aircraft systems, Mecaer Aviation Group (MAG) builds on Italy’s strong history in aeronautics to push the boundaries in manufacturing and design.

Q: How is MAG continuing Italy’s history of aeronautic innovation?

MAG employs over 100 R&D engineers, and has recently landed a contract with Archer to design, develop and supply landing gear for their ground-braking eVTOL aircraft ‘Midnight’.

In 2022 we launched our Technological Hub to collaborate with universities such as the Politecnico di Torino, Università Politécnica delle Marche and other technical schools in our regions, to develop new ideas directly connected with our line of prod-

ucts. We would now like to partner with other universities in countries like Germany or Switzerland.

Q: How has the company grown under your leadership?

As well as expanding our reach into helicopter MRO with our acquisition of Euroavia, our yearly revenue has increased to over €150 million. We are now focussing on achieving organic growth of €200 million over the next three years.

Continues on page 24

Mecaer Aviation Group operates a number of helicopter MRO facilities across Italy

"We are looking forward to a very positive 2023"

BRUNO SPAGNOLINI CEO, MECAER AVIATION GROUP

Driving the green energy transition

Italy is making huge progress in its switch to renewables, and energy firm Edison is contributing to this success through ambitious plans to ensure the country becomes a beacon of sustainability.

Italy is not just leading the green energy transition in Europe, but is fast becoming a global player in renewables. The country is now ranked third on the continent for both power consumption and generation from renewable sources, and surpassed its own 2020 target for 17% of total energy consumption to come from renewable sources, achieving 18.2%.

Energy operator Edison, the ‘oldest energy company in Europe’, has long been at the forefront of that success, producing electricity from renewable sources for 140 years. The company is now encouraging Italy to further develop its solar, wind, bioenergy and geothermal capacity. Edison CEO Nicola Monti said the firm is also aiming to double the percentage of energy it gen-

“By 2030 Edison has the goal for 40% of our energy to be generated from renewable

The Italian multi-utility at the service of the territories

The EGEA Group is harnessing resources at a local level to usher in a bright future for Italy based on sustainable energy technologies.

EGEA is a forward-thinking organization with an international outlook while staying true to its roots by maintaining strong communication with local communities across Italy.

mers seeking to take advantage of EGEA’s services.

Caption text

EGEA is a public-private group, one of Italy’s leading multi-utility companies, offering 28 different services in the energy and environment sectors. With a focus on developing sustainable power, the company was ranked as the best Italian green-friendly energy provider in the Financial Times’ Europe's Climate Leaders 2021 report.

CEO PierPaolo Carini attributes the company's success to its commitment to innovation and a productive dialogue with stakeholders and customers. Founded in 1956 and relaunched under Carini's father's management in 1983, EGEA has consistently grown. With PierPaolo Carini as CEO, the company is expanding rapidly.

The company's headquarters in Alba are a testament to its strong Italian identity. Nestled among Piedmont's vineyards, the UNESCO heritage site attracts visitors with its three Michelin-star restaurants and excellent transport links. This accessible location appeals not only to international investors visiting Alba, but also to potential custo -

As a relatively young enterprise, the company has the agility to adapt to changes and reinvest profits into renewables. Strong partnerships with the Polytechnic University of Turin, Bocconi University, and the University of Naples Federico II are driving this shift towards sustainability. Taking Germany as an example, EGEA is focused on biomethane production and currently operates five plants, with eight more planned. Key to these future plans is consultation with local farming communities for the collection of organic waste.

Carini ultimately believes that a stronger relationship between Italy and Germany would be beneficial not only for his business, but would bring prosperity to the European Union. "Our proximity to other countries also helps build relationships, which strengthens the bond between European countries," he said.

As CEO of the EGEA Group, PierPaolo Carini is leading the company into a new age. Post-pandemic, under Carini’s leadership EGEA has emerged stronger than ever, with a commitment to reinvesting its profits into cutting edge clean energy technology.

Q: What is the story behind EGEA?

EGEA was established in 1956, but the company was acquired and relaunched by my father, starting in 1983. During these years, we evolved from being a gas distribution company to a multi-utility, multi-service group, offering over 28 services for different needs in the energy and environment sector, driven by over 1,800 dedicated staff. We are headquartered in the beautiful city of Alba, a UNESCO Heritage site known not only for its truffles and wine, but for its rich history and commercial power.

Q: Alba is a cornerstone of EGEA's identity. What sets this city apart

from others in Italy?

EGEA is fortunate to be located in Alba, as it elevates the brand image of our business. Being a UNESCO Heritage site, Alba attracts tourists with its three Michelin-Star restaurants and convenient access through various airports. This, in turn, makes the city an attractive destination for international companies seeking to invest, providing EGEA with ample opportunities to offer our services.

Q: How does EGEA stand out in the marketplace?

We are a company with growth ambitions. Our 2022 turnover predictions

are €2.5 billion, almost double the €1.5 billion we invoiced in 2021. We can attribute some of this increase in turnover to greater energy demands and higher global prices, but our unique selling proposition, and a major key to our success, remains our commitment to sustainability. The company name itself, EGEA, shows that we are an energy com -

pany that cares about the management of the environment. Since we are much younger than some of our competitors, it has been easier for us to transition into renewables.

We also maintain a strong and open dialogue with our people, clients, customers, institutions and communities. EGEA is a public-private company with over 300 share -

EGEA was named the best Italian greenfriendly energy provider in the Financial Times' Europe's Climate Leaders 2021 report

PIERPAOLO CARINI CEO

holders across Italy – more than 100 of whom are municipalities and approximately 200 are private companies. We serve customers all over Italy, including in Piemonte, Liguria, Campania, Sicilia, and Puglia, although we prefer small to medium-sized areas or provinces because this allows us to be more in touch with people. Because of this, we have chosen to work with and provide energy to the provinces, which is a huge market representing 95% of the country. We have a real passion for offering multi-services to the territories, as being in touch with our customers means being in touch with our Italian identity. Our dimension is our third uniqueness. The company is no longer considered a small-to-medium enterprise as we are the first unlisted multi-utility provider in Italy. In the past three years, the COVID pandemic and the war in Ukraine have proven that remaining small is no longer an option. Nowadays, we are big enough to have a presence on the global stage, to drive the innovation narrative by working in collaboration with leading universities.

focus of EGEA’s business strategy. How are you keeping ahead of the pack?

Q: What sets EGEA’s management structure apart from the rest of the industry?

Here at EGEA we have a dualistic system called the German system, similar to Volkswagen’s own management process. I am the Group CEO, but we also have a board where the President is designated by the public and represented by our people. Turin Polytechnic is in charge of the company’s scientific cohort. Meanwhile, we are also working with Bocconi University and the University of Naples Federico II, which allows us to have wider coverage for our services. Federico II, the biggest university in Southern Italy, is especially important to us as it is situated in one of our fastest-growing markets.

Q: Sustainability and the transition to green energy is a central

We provide quality sustainable energy, and we use our unique selling proposition to create more opportunities for us. Alongside our plans to build more photovoltaic systems and hydroelectric plants, especially in Northern Italy and the Alps, we are focussing heavily on increasing our capacity to generate energy from biomethane, as this is a technology which is still not as widely used in Italy compared to Germany. In the last few years, we exported a lot of bioorganic waste to Germany because Italy had insufficient infrastructural capacity to produce biomethane from this. Italy would benefit greatly from expanding its biomethane production capacity as this can be used to power cars, ships, and our flourishing agriculture sector. EGEA currently has five biomethane plants, with eight more expected to be built in the future. We are currently engaged in a constant dialogue with Italian farmers with regard to increasing capacity, and villages could also help with collecting organic waste to fuel biomethane plants. We are also studying the feasibility of using biomethane for district heating, because this would help to lower carbon emissions from villages, which would lead to a cleaner world.

Q: Your growth as a global company requires the best skills and people. How are you attracting top-level talent?

We recognize the needs of our clients, and we adapt fast to meet their demands. In order to do this, we attract the brightest local talent as well as those from abroad.

In addition, we not only provide the best opportunities for our international colleagues, but also take care of them as they stay here in Italy.

Q: What opportunities do you envision for collaborating with countries like Germany?

There are a lot of Italian companies in Germany, and I believe a stronger relationship between the two countries would be prosperous for the European Union. Although the two countries have differences, they are very much alike in relation to work ethics. We respect Germans because they are more organized and committed, but Germans like Italians because we have a positive disposition. Our proximity to other countries also helps build relationships, which strengthens the bond between European countries. A lot of Americans come to Europe because they are attracted to its identity. In addition, as global companies are increasingly looking to establish production plants in Europe, countries like Germany and Italy are becoming prime targets, further expanding the potential for EGEA to deliver our services.

Q: What has been the main driving force throughout your career?

My father was an engineer too, and following the end of World

War II, he became one of the first managers for Snam and Eni. He was a man who achieved success by the time he was 29, taking all the opportunities that this new Italy had to offer. His experience motivated me to strive hard throughout my career. However, what pushes me forward these days is being able to share my knowledge with the younger generation through our universities. I feel that we should have a bigger view of our future. Knowledge is global and should be shared for everyone to evolve, innovate, and ensure competence.

Q: Where do you see the future for EGEA?

I love this company and our partners, and I would like EGEA to continue for our employees and customers, with our goal being to ensure happiness and good service. In our company, it is of central importance to have a continuous efficient dialogue and for every decision to be shared with stakeholders. We need to take extra effort to remain connected to our people and surroundings, in order to innovate. For this we need new people to bring new knowledge. We need to think about how to become more global and about how to bring Europe together, not merely focus on Italy. However, despite this shared culture, we must never forget our roots as Italians.

The new Biomethane plant in Cella Dati (CR) EGEA Assembly at the Castle of Grinzane Cavour

Our unique selling proposition remains our commitment to sustainability

” Being in touch with our customers means being in touch with our Italian identity

Leading the healthcare revolution

The pharmaceuticals and life sciences sector accounts for 11% of Italy’s GDP, and is set to grow by 7.5 percent in 2023.

Italy has established itself as a leading European hub for pharmaceutical manufacturing and life sciences. According to Statista, the production value of the country’s pharmaceutical industry reached a remarkable €34 billion in 2022, affirming Italy's commitment to innovation and cementing its position as a global leader in the field.

Leading the charge are companies such as Viatris, a global healthcare company formed in 2020 from the union of Mylan and Upjohn, a division of Pfizer. “We are now the leading company in the Italian retail market according to IQVIA data from September 2022, and the top 5 Viatris brands deliver over 4.5 million treatments per year in Italy alone,” said country man ager, Fabio Torriglia. The company produc es and distributes 150 branded products in Germany, with more than 4,000 single doses of Viatris’ medicines dispensed in German pharmacies every minute.

Stevanato Group, founded in 1949 in Zelarino, Venice, is another cutting-edge manufacturer specializing in glass con tainment solutions for medicines, sophis ticated drug delivery systems, and visual

inspection solutions. A publicly traded company, floated on the New York Stock Exchange in 2021, the group operates 16 plants in nine different regions and produces billions of products in Italy every year. Company chairman Franco Stevanato affiliates their success to a focus on innovation. “Digitalization and artificial intelligence play a strong role both in the products we manufacture, as well as in the sophisticated high-speed machines for visual inspections that we deliver to pharmaceutical companies,” he said. “Our

FABIO TORRIGLIA COUNTRY MANAGER, VIATRIS

Q: What is the vision behind Viatris?

We look at healthcare not as it is, but as it should be. We believe in making ourselves available to institutions and stakeholders to collaborate towards greater innovation and sustainability in healthcare, ensuring that all patients can access our products so that no person is left behind.

Q: How does innovation factor into Viatris’ strategy?

As well as expanding access to a highdose drug for the treatment of exocrine pancreatic insufficiency, we are also launching a product to treat extensive drug-resistant pulmonary tuberculosis, a significant milestone given that only two other anti-TB drugs have been approved in the last 50 years. Additionally, we have partnered with Incyte Biosciences Italy to offer a compassionate program of two drugs that treat a particular form of lymphoma, where no other approved therapy is available. This will give patients immediate access

to an innovative treatment, improving their chances of recovery.

Q: How important is the German market for your company?

As a multinational, we produce and distribute products according to the specific characteristics of the country. Germany represents one of the largest markets in Europe for pharmaceuticals, and Viatris ranks among the top ten pharmaceutical suppliers, providing over 2.4 billion individual doses and 150 branded products. We are also the biggest supplier of antithrombotic drugs in Germany.

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“Our solutions such as SG EZ-fill save millions of euros”

FRANCO STEVANATO STEVANATO GROUP

Stevanato Group’s SG EZ-fill production line

A joy in being healthy that crosses generations and ages?

A leader in industrial manufacturing

Italy’s rich industrial history which dates back to the mid19th century has played a crucial role in its emergence as a major economic power.

Famed for fashion, furniture, and luxury goods, Italy also has a reputation for innovative industrial manufacturing. Longstanding family businesses in the sector make up the bulk of these innovators

Founded in 1914, the Danieli Group grew from a small family business to become one of the world leaders in the production of steel plants. “The company's motto is to innovate and be a step ahead,” said CEO Giacomo Mareschi Danieli. Another long-standing player is Forgital, founded in 1873 by the Spezzapria family. The company, now a major international with a global presence, produces forged and laminated rolled rings for use in the aerospace and industrial sectors.

Continuing to evolve with changing times, as manufacturers become more conscious of their environmental responsibilities, Italy continues to inno -

Powering the way forward

Prysmian Group has been a world leader in energy and telecoms cable systems for 150 years, and CEO Valerio Battista predicts more success for the multi-billion-euro company.

Prysmian dedicates around €100m a year to R&D. How is this enabling you to lead the field in terms of innovation?

company in the world in the cable industry. We also closed a deal with Goldman Sachs Capital Partners for €1.3 billion in enterprise value.

vate along sustainable lines. Prysmian Group, the world leader in energy and telecom cable systems with a rich history dating back a century and a half, is powering the future of green energy technology. While CNH Industrial, a global leader in the production of agricultural and construction equipment, recently brought to the market a biogas-powered tractor. “The path forward now is based on sustainability activity,” said EMEA president Carlo Alberto Sisto.

Technology shouldn't serve one's self but should serve communities on a wider scale. We have a team of over 900 R&D professionals working every day to deliver products that are faster, smarter, and more sustainable.

You have led the Prysmian Group since 2005. What have been your key milestones?

In 2011, Prysmian completed the acquisition of Draka, becoming the first

What projects are you working on in Germany?

Germany is addressing the challenge of power transferred from the north to the south in order to use renewable energy from the North Sea. Prysmian is involved in three major power lines, which are laid underground and will comprise more than 2000 km of underground connection, with two transmitting 525 kV DC.

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What is the history of Forgital?

The company started in 1873 and will be celebrating its 150th year next year. We are a leader in the aerospace market, and in other markets such as power generation and oil and gas across Europe and the world.

Innovation is the spirit of Forgital, giving it a competitive edge in the marketplace. What innovations are you currently focussing on?

We continue to develop our capabilities to produce a wide range of products and materials for the aerospace and industrial sectors while working on strategies to anticipate the next trends in manufacturing. We are also developing our capacity for sensor manufacturing and data analytics.

In 2019 Forgital was acquired by the Carlyle Group. What changes did this bring about?

The acquisition has allowed Forgital to accelerate its growth in ways like diversifying the portfolio, transforming the business from family-owned to corporate,

and leveraging the Carlyle Group’s scale in processes, leadership, and talent.

Italy and Germany have great synergy when it comes to business. How would you describe the relationship between Forgital and Germany?

Germany has a wide range of companies that produce a lot of industrial equipment, especially heavy equipment like mining, power generators and transmission. Our presence in Germany is strong, and because of that, we feel very connected to the German market.

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“We are always anticipating the next trends in manufacturing”

MEDDAH HADJAR CEO, FORGITAL

Sudlink cable production

A driving force in automotive manufacturing

Italy's thriving automotive industry is fuelling the country's economy by rolling out some of the world's most iconic vehicles. Italian car manufacturers have been producing exceptional vehicles for decades, and this excellence extends throughout the value chain. This includes vehicle and component design, manufacturing, and marketing of finished goods.

The country’s penchant for style, paired with eye-catching design and cutting-edge innovation has seen the Italian automobile industry rank sixth in Europe, and 19th in the world. The country is also the fourth largest market for cars on the continent, and ninth internationally. Ferrari, Lamborghini, Bugatti, Maserati, Fiat, Pagani and Alfa Romeo are just some of the prestigious car brands which have helped steer Italy towards pole position, reflected in the sector’s turnover of €106.1 billion in 2021, representing 11% of Italy’s manufacturing turnover and 6.2% of Italy’s GDP, according to data from the Italian

Trade Agency. The auto sector is also one of the country’s biggest employers, responsible for 278,000 jobs.

Outside of Italy, the demand for Italian-made cars is strong, as more overwhelming figures show the export of vehicles to other countries was worth €16 billion in 2020, while exports of car parts were valued at €21.7 billion. Germany has a particular interest in Italian cars, with international trade data from the United Nations COMTRADE database

showing Italian vehicle imports were worth €2.89 billion in 2021 alone.

Highlighting the strong connection between Italy and Germany’s automotive industries, Alfa Romeo CEO Jean-Philippe Imparato said Germany is its second biggest market in Europe, with brand loyalty a key component of that ongoing success. “If I were to rank our customers based on their passion for the brand, then Italy would be followed by Japan, Germany and the UK,” he said.

In addition to vehicle production, Italy also has a strong reputation for designing, manufacturing and exporting high quality car parts and components. Many of the OEM parts manufactured in Italy by companies such as Magneti Marelli, Brembo, and ASK Group end up in German cars, with Germany being the main destination for Italian-made automotive parts and accessories. To put this market into perspective, Italy exported €2.89 billion worth of components to Germany in 2018 alone.

Providing high quality, innovative car audio and communication systems, ASK Group is a crucial contributor to Italy’s reputation as a leader in OEM component supply.

Q: What sets ASK Group apart from other OEM manufacturers?

Our goal is to make the best audio systems in the world. It doesn't matter if it's for Porsche or for others – I want the best sound reproduction in cars to give our customers the best experience. We might not be as visible to end consumers, but we are often compared to big players like Harman and Bose.

Q: You have been with ASK since 1996. What have been some of your recent successes?

ASK became an affiliate of JVCKENWOOD in 2015, which opened opportunities that weren't available when we were still a small family-owned business. We also established ourselves in Brazil, Poland, and South America, and will soon be opening a

third plant in western China area, alongside plans to branch out into Mexico.

Q: What are your current priorities? Innovation is key, and we are investing in projects such as 5G antenna connectivity for use in autonomous vehicles.

Q: Why is Italy’s connection to the German market so strong? Germany is an irreplaceable market because we supply all the key brands in the country. Our German customers are crucial because they are influential trendsetters that establish the benchmark.

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“Our goal is to make the best audio systems in the world”

ALBERTO BIANCHI CEO, ASK GROUP

Engineering expertise and groundbreaking design has long-been the crux of Italy's automotive sector, remaining indicative of why the country is regarded as a global leader in the field.

I take pride in the quality of our vehicles.

Jean-Philippe Imparato, CEO, Alfa Romeo

Italian cars have long been popular in Germany

Innovative finance

As uncertainty continues to torment the global banking sector, in Italy strength and stability are what have allowed the country to weather various financial storms.

In a volatile financial world, Giovanni Sabatini, General Manager at Italian Banking Association (ABI), is clear in his vision for Italy, with innovation and a continued relationship with Germany at the forefront. But while stability has been achieved post-crash and p ost-COVID, growth is the next big challenge. The Bank of Italy reported that the Italian economy, after a growth of 3,9% in 2022, would slow down to 0,6% this year and to 1,2% in 2024, so there is still work to be done.

“The top priority is to ensure that banks will continue to support the economy customer first, as they needed to do during the pandemic,” said Sabatini. “Today, unlike the great financial crisis, the issue is not how to restore stability, the issue is growth. How do we ensure that happens in the current situation, which is deeply influenced by exogenous variables, such as the war in Ukraine, geopolitical tensions, and the cost of energy? How do we help businesses and households to withstand this crisis?”

Looking back at what steered Italy out of the 2007 crash, Sabatini championed how the Italian banking sector achieved resiliency, increased capitalisation, and increased efficiency. “Today, the situation of the banking sector is much more resilient than at the end of the financial crisis,” he said.

This resilience and the country’s close relationship with Germany will likely be key in securing Ita -

ly’s - and Europe’s - financial future. “Flexibility is very important at this time,” said Sabatini. “We are discussing this issue with our German colleagues. The priority is to minimise the impact of the economic crisis on firms in order to avoid unemployment and enter into a spiral that will lead the European economy into a deep recession. Again, the role of the bank can be key.”

Gruppo MutuiOnline’s CEO is an innovative leader in the world of business process outsourcing (BPO) and platform as a service.

What does Gruppo Mol bring to Italy’s financial services sector?

We offer retail credit and insurance brokering through remote channels. We also specialized in a number of different outsourcing services – credit-related services to lenders, and solutions for the asset management industry plus insurance claim outsourcing. Operating through numerous retail brands such as MutuiOnline.it, PrestitiOnline.it and Sostariffe.it, Gruppo Mol is at the forefront of the BPO market.

How does innovation fit into your broader growth strategy?

The border between what is done by technology and people will narrow down. However, it is crucial to invest in people

because they will teach the technology to do their job. People's competence and skills translate into technology.

Where do you see the potential for new synergies and stronger cooperation between Italy and Germany?

German investors own around 25% to 30% of the company, and we are very proud of this. We continue to focus on the hidden potential of Italy. However, there are other opportunities through synergies with other countries, and the only way to make the market more common is through mergers and acquisitions.

Continues on page 27

Going forward, Italy is keeping its focus on leading the way in technology innovation. Sabatini explained: “There's lots of room for innovation, further improvement, and accessibility. We think that the digital Euro can be another powerful element in the process of modernisation of the European economy. We have to adapt to this new world and to the needs of our customers, so we see digitalisation as a huge opportunity for banks to develop new products and services. Where big data analysis and the use of artificial intelligence can really make the difference.”

“German investors own around 25% to 30% of the company”

ALESSANDRO FRACASSI CEO, GRUPPO MOL

Italy's stock exchange, Borsa Italiana Milan

An innovative group offering financial services solutions with a pan-European coverage.  Price comparison platform leader in Italy, France and Spain.

Experts in outsourcing services of critical processes for banks, financial intermediaries, insurance and investment companies.

Italy’s gastronomic fusion of tradition and innovation

According to Italian agricultural industry body Coldiretti, Italy reached 60 billion euros worth of food and beverage exports in 2022 (an increase of 17%) with Germany remaining Italy’s key export market ahead of the United States.

Italy, world-renowned for its culinary excellence, is home to some of the world’s most iconic dishes and beverages. Italian cuisine is also the world’s most popular, according to a 2019 survey of over 25,000 people in 24 countries conducted by UK-based polling company YouGov. The country's food culture has

evolved through the centuries, with a focus on celebrating regional differences and experimenting with innovative food arrangements. This has resulted in the creation of many iconic Italian dishes, including pizza, pasta, risotto, tiramisu, gorgonzola, and gelato – many of which are big favourites for German consumers.

and we are also the first to bring protein cheese products to the domestic market. We were the first organic milk producer in the country, and now have an entire line of organic products including yogurt and cheese. We have also introduced a line of products that are both 100% organic and lower in sugar.

Q: How are you taking the Made in Italy brand abroad?

To capitalise on the demand for Italian food, dairy producer Granarolo Group is gearing up for a big entry into the German market through a number of strategic partnerships and acquisitions. As a major player in Italy’s milk and milk produce sector, Granarolo operates numerous production and affiliated facilities spread across the

Q: How does Granarolo stand out from the competition?

Our competitive edge is our ability to provide the best dairy products, and we are also unique in terms of the quality of our Italian cheeses.

Q: What innovations have you recently brought to the market?

We are the biggest dairy innovator in Italy, being the first to launch lactose-free and lower-salt cheese lines,

The value of Italian exports is increasing yearly, which gives us opportunities to plan for international growth. In 2011, international sales represented 5% of our total revenue, but in the first half of 2022, we saw close to 40%. Our target now is to achieve 50% of Group sales from outside Italy.

Q: What are your plans to increase Granarolo’s presence in Germany?

We want to establish ourselves as the number one Italian dairy producer in the German market, and have invested a lot of money to understand how to innovate our traditional products to

cater to Germany. We want to enter the country’s retail sector and have invested heavily through local acquisitions. We already have one manufacturing plant there, but the mozzarella cheese produced is only for export. German consumers love Italian cheese, and we are working on specific collaborations with distributors to open our platform in Germany, where we can sell to local retailers starting with traditional products (for example mozzarella, mascarpone, and mozzarella di bufala). We are focussing

our energy on satisfying the needs of German consumers.

Q: What have been your biggest challenges and achievements?

The past few years have been hard due to the pandemic and rising inflation, but we have dedicated ourselves to maintaining the business. We have also modified Granarolo's industrial footprint to align with our global vision, and increased our competitiveness in terms of cost strategy.

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“German consumers love Italian cheese”

FILIPPO MARCHI GENERAL MANAGER, GRANAROLO

Finding the equilibrium between tradition and innovation has always been a characteristic of ours.

Albiera Antinori , President, Marchesi Antinori

”

Granarolo’s Italian cheeses are popular in Germany

Revenue from Italy's famous wine industry is predicted to hit €21.10 billion in 2023 (Source: Statista)

whole of Europe and even as far afield as South America, the USA and New Zealand. With 14 production plants in Italy alone, the company processes 830,000 tons of milk per year, creating some of the most iconic Italian cheeses such as gorgonzola and mozzarella, alongside other products such as yoghurt and protein snacks.

Filippo Marchi was appointed General Manager of Granarolo in 2017, following many years with the company focussing on growth and commercial consolidation, both in Italy and abroad. “Germany is a top international buyer of Italian cheeses, so we see big opportunities for Granarolo entering the German market,” he said.

Marchesi Antinori, a family-run winemaker of twenty-six generations that can trace its history back to 1385, is further illustrative of Italy’s rich gastronomic heritage. However, innovation and a willingness to change the game has long been part of their business model, with winemaker Piero Antinori’s Tignanello credited with playing a leading role in the Super-Tuscan revolution of the 1970s.

“Finding the equilibrium between tradition and innovation has always been a characteristic of ours,” said company president Albiera Antinori. “We are not only making wine as we did in the past, but are constantly

exploring and interpreting market needs.”

As Germany is also a notable wine-producing country, Antinori feels that there is a strong degree of synergy between German consumers and Italian producers. “Germany has always been a very important market for the Italian wine industry, and improving our German customer’s knowledge and appreciation of Italian wines is key to our further growth.”

Dessert maker Bauli S.p.A and its core brands Bauli, Doria, Motta, Bistefani, Alemagna, and Casalini are also market leaders, specifically in the production of traditional Italian cakes, pastries and biscuits. A family-run business which celebrated its 100th anniversary in 2022, Bauli products are sold in over 70 countries, and the group finished the 2021-2022 financial year with a turnover of €550 million.

“We have always been committed to producing high-quality baked goods using traditional recipes, but are also constantly innovating and experimenting with new ingredients and techniques,” said company president, Michele Bauli. “Germany is now a very big market for us because we are finding that our products, especially panettone, suit German tastes, and because of this we are seeing an exponential growth in demand.”

Granarolo is a major player in Italy's milk produce market

German consumers have a taste for Bauli's products

Germany is now a very big market for us because we are finding that our products, especially panettone, suit German tastes.

Michele Bauli , President, Bauli S.p.A

Meddah Hadjar

CEO, FORGITAL

Q: What is the history of Forgital?

The company started in 1873, and we will be holding celebrations for our 150th year this year, with the main event to be held at the Paris airshow. We will be celebrating 150 years of a deep heritage, strong fundamentals, and community roots both in the region and globally. We will continue to build on what made this company great by pursuing our company values and helping our customers. We are a leader in the the aerospace market, and in other markets like power generation and oil and gas in Europe and globally. We are strengthening our aerospace position and increasing our product offering.

Q: In 2019 Forgital Group was acquired by the Carlyle Group. What changes did this bring about?

The company was strong before the Carlyle Group, but the acquisition has allowed Forgital to accelerate its growth in ways like diversifying the portfolio, transforming the business from a family-owned business to a corporate, and leveraging the

Carlyle Group´s scale in processes, leadership, and talent.

Q: There are a lot of differences between Italy and Germany as countries in general, but the two countries have great synergy when it comes to business. How would you describe the relationship between Forgital Group and Germany?

The two major market sectors of Forgital are the aerospace and the industrial sector. We have a strong aero customer base in Germany, although the number of aero customers is small compared to the industrial one. Forgital has a strong presence in the country due to the nature of the industry. Germany has a wide range of companies that produce a lot of industrial equipment, especialy heavy equipment like mining, power generators, transmition. Our presence in the country is strong, and because of that, we feel very connected with the German economy.

We do a lot of business in Germany, and I could say that the industrial

sector in the two countries is deeply entwined. It is common knowledge that many end users and companies depend heavily on products manufactured in Germany. Because of this, one of my roles at the company is to grow our customer base there. We continuously buy machines from Germany when we expand our products. The two countries share a strong heritage and history, which links them beyond the industrial sector. It would be hard to separate one from another since there is so much dependency from the consumer and the supplier end. The relationship or marriage between the two is fantastic.

Q: Globally, which other markets are important to Forgital?

We are a leader in the aerospace sector in Europe and in North America, and we want to continue our growth in those regions. The US is one of our biggest markets in the space market, but we have a strong presence in Europe on the aero engines side. We have nine locations globally in the group, six in Italy, two in France, and one in the US. In these locations, we have manufacturing, testing, service, sales, and customer support, which allows us to be closer to our customers. We actively engage with our major clients through our sales workforce and program leaders. We have established relationships with many of our clients because of our large-scale businesses. When we work on new products or the next generation of products, we also keep in mind the need to provide support to our existing products.

Q: Innovation has always been the ethos of Forgital Italy, and this approach gives it a competitive edge in the marketplace. What

innovations are you currently focussing on?

Our current investments are in developing capabilities to produce a wide range of products and materials in the aerospace and industrial sectors. We are working on strategies to anticipate the next trend in manufacturing, especially the subsequent phase of the industry. We are also looking at our capabilities around sensor manufacturing and data analytics used in manufacturing. In addition, we are looking at a diverse range of materials, market locations, and the next generation of manufacturing.

Q: You previously worked for GE and SLM Solutions before becoming CEO of Forgital. What attracted you to this new opportunity?

My background is deeply rooted in new technologies, manufacturing, and design. These experiences provided a better understanding of the industrial sector in equipment and manufacturing. Given my experience, taking the business and transforming it to elevate it to a new level is a good challenge. I am looking forward to building a world-class business.

Q: What are the key priorities you want to achieve in 2023?

There are still things to do, especially as this year has been tumultuous following the energy crisis and the war in Ukraine. Our key priority is to continue to drive operation excellence and lower energy risks. We also have our eyes set on further growth. We need to deliver on our new products and execute flawlessly. Forgital is well-positioned in the EU, with close partners in Germany for the industrial and aerospace sectors. In addition, we remain an industrial powerhouse in the US. We are strategic with our business models and have great relationships with our partners in the US, EU, and Japan. However, we will continue to invest in Europe to help grow the region. Our goal is to create strong alliances between Italy and its allies so that we can grow along with our partners.

Forgital’s CEO, Meddah Hadjar, has spent over two decades working in the industrial technology sector, and brings a wealth and breadth of experience to the role, including previous leadership experiences with GE and SLM Solutions.

”

My background is deeply rooted in new technologies, manufacturing, and design

Alessandro Bulfon

CEO, Fameccanica Group

Fameccanica’s CEO Alessandro Bulfon has set his sights on business growth through a continued focus on innovation and sustainability, attracting the best talent in the industry, and creating a workplace culture that empowers and impassions his team.

Q: In your opinion, what makes Fameccanica unique, and what gives it a strong position in the global market?

We work on innovation that matters. Innovation is at the core of our strategy, and Fameccanica’s goal is to provide innovation for a better life and future. This goal is in line with Angelini Industries, which operates in the pharmaceutical, FMCG, industrial technology, perfumery and dermocosmetics, and wine sectors, and has an investment strategy focused on growth. Fameccanica has been named the most innovative company in Italy, with 85 patents filed at the European Patent Office, bringing our total number to more than 750. Our strength is that we foster innovation within our culture and develop an ecosystem of open innovation. We also promote entrepreneurship, empowerment, and open discussions among our people, which nowadays is uncommon within the industrial sector. We are always focused on bringing the most unique solutions to the market.

Q: How did the acquisition of Angelini Industries change the corporate and business strategy of Fameccanica?

Fameccanica had been a leader in the hygiene sector during our thirty-year strategic and fruitful partnership with P&G. However, to consolidate Fameccanica’s growth Angelini decided to acquire 100% of company shares. Regardless, thanks to the strong relationship and deep understanding between the two companies, we will continue to pursue our collaboration with P&G in the common target markets. We continue to consolidate our leadership in the hygiene, home and personal care as well as in robotics and automation integration. We will continue to invest in elevating the competencies and skills of

our employees as well as tirelessly strive for sustainable operational excellence.

Q: Fameccanica recently presented an innovative robot at the 2022 LogiMAT trade fair in Stuttgart. What role do innovations such as this play regarding the company’s growth strategy?

We are consolidated as an integrator in robotics and advanced automation. Fameccanica's role is to develop and integrate solutions that could build a better and more sustainable business allowing us to be a leader in the market. We accomplish our strategic objectives by constantly pursuing technological innovation that could anticipate and fulfil stakeholder needs and by being the partner of choice.

nanced by the European Commission called LIFE ALL-IN. The project provides the opportunity to contribute to the evolution of the hygiene world and non-woven industry, by studying solutions with our machinery that could reduce the usage of raw materials by 23%, as well as generate a reduction in CO2 emissions by 10% per year. We also worked with Treedom to plant over 12,000 trees to offset our CO2 emissions.

Q: Fameccanica was named one of the Top 100 Sustainable Companies in Italy. What priorities and initiatives are you focussing on in this regard?

Fameccanica over the past few years succeeded in recognising sustainability as a strategic priority. We reviewed our set up to a modern sustainability organisation in order to reshape the company’s fundamental approach to business, set specific goals, and accomplish real results. Some recent activities: during the pandemic crisis we decided to further act and invest and we established a sustainable packaging innovation hub in the “packaging valley” of Bologna. It is a team dedicated to developing sustainable packaging through innovative projects. They design and develop, both the package as well as the automatic machinery, to enable mass-production of packaged products utilising recently developed sustainable materials. We have recently launched Greenpackt, an innovative, patented allinone production system, developed to make the packaging industry 100% sustainable. I also want to highlight our project co-fi-

Q: Fameccanica currently operates in Italy, China, and the US. Do you have plans to open more facilities in other countries?

Historically, Fameccanica has been present in Europe, the Americas and Asia. However, we need to focus on the global and local aspects of the trade and continuously adapt to business and supply chain needs. Middle East and Africa will be areas where we will continue to invest in the upcoming years, in order to enhance our global footprint. When looking at Europe, certainly Germany is a strategic market for the company as we supply important accounts in various industries as well as fostering supply chain partnerships. I think we have a chance to grow in the German market even further, especially as robotics and automation integrators, thanks to our products, solutions, competences and references.

Q: Fameccanica recently started a collaboration with MIT. Are there any other collaborations you would like to highlight?

Fameccanica has ongoing collaborations with major Italian institutions for technology and business. We are also

working with MIT, but that’s just the beginning. We want to grow our technology and research capabilities, and we continue to explore for the right partners both globally and in Europe to help us in obtaining our innovation goals.

Q: What kind of leadership do you promote, and how does this help to run a successful business?

The modern CEO needs to be very grounded with interpersonal skills, be an entrepreneur, and have the skillset to perform successful business turnaround. Let me stress the importance of soft skills as I strongly believe they are essential in creating a strong company culture. It is no longer enough to ensure employees understand their responsibilities and deliverables and provide them with tools and resources to meet their objectives. Leaders are called to support and encourage their resources to learn, to make mistakes and to grow together with the organisation. They need to feel passionate and empowered while working towards obtaining their objectives. I invest significant amount of my time in being close to my organisation and understand my employee’s needs. I also encourage all managers in my organisation to do the same.

Q: What are Fameccanica’s priorities for the future?

We are focusing our investments on talent, innovation and sustainability. We must continue to provide a good workplace environment for our people, strive for cutting edge innovation for a better life and future, and deliver on our promises, especially to stakeholders.

” Innovation is at the core of our strategy, and Fameccanica’s goal is to provide innovation for a better life and future

Valerio Battista

CEO, Prysmian Group

Prysmian Group’s origins date back to 1879, then known as Pirelli Cables and Systems (part of the Pirelli Group). The company took its current name in 2005 following the acquisition by Goldman Sachs, with Valerio Battista at the helm.

Q: Prysmian Group is a company with a rich 150-year history. You have led the group since 2005. What have been your key milestones during this time?

Prysmian Group is a world leader in energy and telecoms cable systems, with 150 years of operational experience and history, and is present in 50 countries globally. I have nearly 20 years of experience and have been in the cable industry for a number of years. Prysmian has its roots in the history of the Pirelli Group that came through a series of important and strategic acquisitions and a tough process of streamlining and consolidation at the turn of the nineties and early 2000s. Major acquisitions of that time included Siemens and Nokia cable divisions and BICC General. With the severe energy crisis of 2001, it became urgent to streamline the organization to keep it safe, the problem was that demand was low, but prices remained high. At that time, Pirelli Cavi had accrued €40 million in debt yet only saw €3 million in yearly turnover, in part caused by acquisitions. Essentially, the company was close to bankruptcy since it didn't manage or utilize these acquired assets properly. It was urgent to clean the table to save the company. Pirelli

Cavi dismissed non-strategic businesses and downsized number of plants, enhancing the efficiency and reducing fixed costs. Afterwards, the company returned to profitability. We continued to have a profit-driven mindset in order to keep the company going. In 2005, we closed the deal with Goldman Sachs Capital Partners for €1.3 billion in enterprise value,

and renamed from Pirelli Cables & Systems to Prysmian Group. Following the transaction with the LBO, the company went public in May 2007, and then the private equity was listed on the Milan Stock Exchange for an enterprise value of €2.7 billion. We have cleaned up the shop and restructured it to ensure the company is in a competitive position with a strong team. In 2011, Prysmian completed acquisition of Draka becoming first company in the world in the cable industry and strengthening the focus in submarine and interconnection projects. In addition, we entered into the offshore wind farm project business which enabled us to increase our profit margins by keeping the company structure very light.

In the late 2010s, General Cable, also major player in the cable industry, went into trouble with the balance sheet and their level of debt was too high, so they decided to sell. At the end of 2017, I was in New York, and we closed the deal to take over 100% of General Cable. Today, we are almost double the size of our French colleague Nexans following the acquisition of Draka Cable, General Cable, and other small companies over time.

Q: Germany is a big market in Europe. What projects has Prysmian been involved with in the country?

Prysmian is currently involved in three major power line projects –SuedLink, SuedOstLink and A-Nord, which are laid underground and com-

prise more than 2,000km of cabling. SuedLink and SuedOstLink transmit 525 kV DC, and we are one of the few cable makers that can provide the required cabling. We have been awarded almost 50% of the projects, and we started delivering the materials for cables in Germany. We are just waiting for the planning and approval processes to be completed so that we can start the installation. However, the first cables are ready to be laid, we are currently still waiting for the green light to start the project. The installation will take several years and will not be easy, and I am nervous until I see that everything works well. However, I am excited about the further development of the solar energy sector, even if most materials are from China. Solar power has the possibility to become a very competitive renewable energy resource. We are testing some new cables for better solar application, which are cheaper compared to the Tescon German cable design, but with the same or almost the same performance. This is to ensure maximum utilization because the solar panels and related networks must remain functional for 20 to 30 years. I believe solar power will be one of the main energy sources for humans in the future.

Q: Prysmian dedicates around €100m a year to R&D and has 26

R&D centres worldwide. How is Prysmian leading the field with its technological developments?

I am an engineer, and I am passionate about technology and innovation. Technology shouldn't serve one's self but should serve communities on a wider scale. A few years ago, depth was the toughest challenge for us in relation to submarine interconnections between Europe and Africa. Nowadays, 1,000 meters depth is not much of an issue. We laid the SAPEI link between Italy and Sardinia at a depth of 1,600 meters. We will lay the Tyrrhenian link between Sicily, Campania and Sardinia at a water depth of up to 2,200 meters. The goal of our R&D team is to reach 3,000 meters depth with a cable system that transmits up to 2 GW, and although we have not started operations yet, we already have the required technology. We have developed a cable that is lighter and easier to handle thanks to an aramidic armoring capable of withstanding impacts that we have already used for projects in Greece. We have a team of over 900 R&D professionals working every day to innovate our solutions and delivering products that are faster, smarter and more sustainable than before. This keeps us as a market leader.

”

I am an engineer, and I am passionate about technology. Technology shouldn't serve one's self but should serve communities on a wider scale

Alberto Bianchi

CEO, ASK Group

ASK Group is an electronic component manufacturer headquartered in Italy that designs, manufactures and distributes high-quality and innovative car audio and connectivity systems. The Group has seen significant growth and success under the leadership of CEO Alberto Bianchi.

Q: What have been the most important milestones for you during your time with the company, and the recent successes you are most proud of?

After working for another audio company, I started working with ASK in 1996. However, the most relevant experience I had was moving to China for eight years, where I grew the business in the Chinese market. At that time, we mainly served European customers, but our goal was to become a global player by expanding between 2006 to 2014. I moved back to Italy in 2016 to take over our business development and strategy leg. After that, I was named the COO in 2018 and then the CEO in 2020.

ASK became an affiliate of JVCKENWOOD in 2015, which opened opportunities that weren't available when we were still a small family-owned business. As an affiliate, we have a certain level of autonomy, and as long as we provide our

shareholders with results, then we remain independent. This affiliation is a strategic move to innovate and preserve the company. It also provides us with frameworks, guidance, and benchmarks to use as references.

We also established our brand in Brazil, Poland, and South America, although the South American market is harder to grow. In addition, we will also be opening our third plant in the western China area and a possible factory in Mexico. We started critical cooperation with Chinese customers. However, our substantial achievement in the past years was to change the company's market status. In the past, we were a company executing only €140 million in revenue, and now we have grown to €400 million this year, tripling our revenue.

Our growth isn't just because we are selling more but because we have established our brand to become more relevant. We might not

be as visible to regular consumers, but often we are compared to big players like Harman and Bose. In our field, the size of our business matters, but being relevant in the market allows us to be noticeable to potential partners. Our clients now include Audi, BMW, Ferrari, Jeep, Maserati, Mercedes and Porsche, which makes us more attractive to future employees.

operational parts. It is because of this that we need to follow them as a way to become more competitive. Many Italian companies failed to understand this globalization concept, and they eventually became out of touch and irrelevant. They failed to adapt when the crisis hit and had no choice but to close down. In our case, our global branches were able to support each other during the COVID crisis, which is an advantage of being a globalized company.

Nowadays, our focus is on innovation, which means we have to attract the best talents not only in Italy and Germany but outside Europe. The success of Europe is also related to what European carmakers will do globally. It is crucial to have a company branding that would entice people to join us since we are relevant to the market. In the last three years, we also attained a good level of profitability, and we were also able to restructure and make the company more profitable. We also invested more in innovation to become a more global company. We also produced a return on equity to the corporation of over 8%.

Q: What steps have you taken to become more global in today’s competitive market?

In order to be global, we need leading customers to help us make the right choices. ASK Group is present in Poland, Tunisia, China, the USA, Brazil, and Germany through its subsidiaries. In the beginning, we relied heavily on single OEM to keep the company going, but in hindsight, the last 20 years were mainly because of our German customers. The value of car makers depends on the logistics and

In addition, we focused on innovating not only our products but our business structure as well. Innovation is a structured and crucial process in the company because we want to ensure we bring value to our customers. Innovation doesn't entirely rely on new technology but on the ability to provide value to our customers. Our innovation is building a business model that provides value to our customer's customers. We aim to be an essential player in their value chain to provide value in their creation.

Q: What is your vision for the company over the coming years?

The first priority is to move out of the emergency mood, which doesn't allow the company to work enough on improvement. The most critical issue we face aside from COVID is chip shortages, and we will be looking at ways to address this. In addition, the second goal is to create a vision for the next five to seven years focused on growing organically. I don't try to convince people more than necessary since the result should be what convinces them. I never sideline or dismiss people with opposing ideas since it is helpful to get an outside perspective or take more robust decisions. We only dismiss people if they are doing something despicable. I also lead by doing, so if there are any concerns, I do it first to show my people that it is safe. This has been especially handy during the COVID pandemic when I had to travel first to let my people know it was safe. In addition, we will be trying to reach €1 billion in revenue in the next few years.

”

Nowadays, our focus is on innovation, which means we have to attract the best talents not only in Italy and Germany but outside Europe

Fabio Torriglia

Country Manager, Viatris

Q: What have been the most important milestones for you over the past four years?

The main milestone is definitely the creation of Viatris in November 2020. We were able to create one single organization though the combination of two organizations with different approaches and ways of working. Also, the acquisition of the related intellectual property and commercialization rights of Aspen Pharmacare Holdings Limited's thrombosis business. This allows us to ensure patients consistent access to antithrombotic drugs: a strong commitment for Viatris both at global level, and at country level – for Italy and Germany. Within Viatris, Germany has the largest business and in Germany Viatris is the biggest supplier of antithrombotic drugs. Also in Italy, thrombosis is a key area and we are committed to expand access to medicines in this area also through new launches. Another important challenge for the whole planet – and not only for our country or our company – has been the COVID-19 pandemic: our priorities have been the health of employees, ensuring a safe work environment, and the health of the citizens and the patients,

making our medicines available to ensure access to the medicine they need and when they need.

Q: As a major player in the country’s pharmaceutical landscape, how does Viatris Italy stand out in a crowded global marketplace, and what gives it a competitive edge?

We are the leading company in the Italian retail market (value/unit) according to IQVIA data (Sept 22¸ the top 5 Viatris brands in Italy deliver over 4.5 million treatments/patients per year (IQVIA data 2021). Guided by our mission to empower people worldwide to live healthier at every stage of life, we are committed to making access to drugs for patients increasingly tangible, especially in areas where treatment options are limited, by making available new molecules, new ways to access medicines, and new settings for existing drugs:

• For example, new reimbursed therapeutic opportunity for the treatment of exocrine pancreatic insufficiency (IPE), to extend access to a high-dose drug to all pancreatic diseases that cause IPE, allowing a significant im-

provement in terms of appropriateness and maximization of treatment efficacy by achieving an adequate target dose, which is difficult to achieve with lower dosages.

• Launch of a drug for extensive drug-resistant pulmonary tuberculosis: only two other anti-TB drugs have been approved in the last half century.

• Launch, together with Incyte Biosciences Italy, of a compassionate use program of two drugs in combination for the treatment of patients with a particular form of lymphoma without a valid approved therapeutic alternative, ensuring immediate access to an innovative molecule.

lective expertise to connect people to products and services

We are committed to improving access to high-quality medicines while working to ensure a reliable supply so patients can get the treatments they need, when and where they need them. Our product diversity combined with our global scale, local approach and deep understanding of our markets allows for better access to customers and patients in more than 165 countries and territories. From cardiovascular health to oncology, Viatris offers quality treatment options across more than 10 major therapeutic areas covering a wide variety of noncommunicable and infectious diseases. We also offer support services such as diagnostic clinics, educational seminars and digital tools to help patients better manage their health.

Q: What role is Viatris Italy playing in contributing to the company’s success story?

Q: Upjohn's focus on chronic noncommunicable diseases complemented Mylan's longstanding presence in the fight against infectious diseases. Combining two complementary businesses has allowed Viatris to transform and accelerate each company's ability to respond to patient needs and expand their capabilities in more than 165 markets. How are you positioning this new brand within the marketplace? What opportunities for expansion have you identified in terms of recent market trends?

Our position is well described by our mission: empower people worldwide to live healthier at every stage of life. We do so via our 3 pillars, as highlighted by our name Viatris, that is rooted in Latin and embodies a vision of providing a path (“VIA”) to three (“TRIS”) critical goals:

• ACCESS: Providing high quality, trusted medicines, regardless of geography or circumstance

• LEADERSHIP: Advancing sustainable operations and innovative solutions to improve patient health

• PARTNERSHIP: Leveraging our col-

In Italy, Viatris plays a key role and actively contribute to the company’s achievements and successes. Thanks to the commitment and dedication of our employees, we are consistently growing and giving a strong contribution to Viatris at global level. In Italy we want to be increasingly relevant players in the Italian healthcare scenario, to be a partner for our stakeholders in managing the changes taking place. It is undeniable that, also due to COVID, there are many processes underway that are deeply changing healthcare in our country and others that need to be implemented to make the healthcare system efficient and ready to face future challenges. Our company, since its birth, has always stated that we look at healthcare not as it is, but as it should be. In line with this approach, we want to make ourselves available to institutions and to all stakeholders to tackle together this path toward greater innovation and sustainability of the healthcare system. At the same time, we must also make sure that all patients can access this new healthcare that is being defined so that no one is left behind. We cannot exclude anyone from this progress, because we are talking about a topic as fundamental as health.

Viatris was born in 2020 from the union of Mylan and Upjohn, a division of Pfizer. Fabio Torriglia was appointed Country Manager of Mylan in 2018, and has retained that position through the transformation to Viatris.

” Our company, since its birth, has always stated that we look at healthcare not as it is, but as it should be

Franco Stevanato

Executive President, Stevanato Group

Founded in 1949 near Venice, Stevanato Group has transformed from a small glassware manufacturer to a multi-national leader in delivering integrated solutions to the pharmaceutical industry. Franco Stevanato is the current Executive Chairman of the Board.

Q: What are the founding values that still inform the company today?

In founding Stevanato Group, my grandfather established three important principles that we still hold close today. First and foremost, we put the customer at the center. Every action that we take within Stevanato Group is for our customers. It’s not a slogan. It's training. It's a mindset that we have mastered.

The next principle has to do with the everyday values that we transfer to our customers and employees. This includes being ethical, accountable, listening, and being humble in the way that we work, all of which create a sustainable company and work environment.

Third, everything comes from our people. At Stevanato Group, we put a lot of time and effort into our people because they make the difference. If our employees are engaged with intention and work together to understand the needs and interests of the customers, it creates a dynamic that helps us continue growing. Independence and respect are at the center. Our community today is much bigger than in the past, but we are always like a big family.

Q: What was the company’s role during the global pandemic? How did the company adapt and what lessons were learned?

At the beginning of 2020, we were not ready for the pandemic. I remember driving in the car on a Saturday evening through the mountains with my wife and four children and hearing on the radio that the Prime Minister was announcing a lockdown. I was well aware of the coronavirus because we have plants in China,

but we believed the virus would stay there. That night, we drove home at 10 p.m. and had a large group meeting. We spent roughly five hours putting together plans for our next steps. First, we needed to ensure the safety of our employees. We knew that remote work was the only option, so we immediately started to prepare for that from a technological point of view. As for our production staff, we established social distancing protocols and redefined the company layout. Second, we immediately had to work to secure our existing portfolio of customers because we supply insulin, vaccines, anti-cancer products, and diagnostics. In the end, our customers had no issues. We fully dedicated our supply chain to supporting our pharmaceutical partners and patients.

At the same time, we started to work on the pre-clinical side of the COVID-19 vaccine production to speed up its validation. Our primary packaging is a type of glass that is mostly produced by our partner in Germany. When drugs come in contact with the glass, there should not be any type of interaction. This must all be carefully studied, and this process typically takes around one or two years. However, we joined forces with a partner with a strong acceleration program to get ready for the vaccine as soon as possible. With our technological centers, we worked hard to build the pre-clinical setup and built parallel supply chains in Italy, Mexico, and Germany to satisfy any additional requests related to COVID-19. This supply chain was not only meant to produce COVID-19 related materials, but also to protect the security of our employees. We learned a lot through this pro -

cess: how to be proactive, work fast, how to change the way we used to work and accommodate our almost 5,000 employees – many of whom had to work from home. We had the chance to find out how remote work can positively promote work-life balance. We also understood how to secure our supply chain while facing risks. This is not a traditional supply chain. We learned valuable lessons about working with our customers and different governments. The United States government was one of those, and we made decisions on new plants that we are building in Indiana to build up capacity. A major lesson learned is that we must always ensure our supply chain is resilient so we can act fast for our customers and patients.

Q: What is your long-term vision for developing the business, in order to remain globally competitive? Digitalization and artificial intelligence play a strong role both in the products we manufacture as well as in the sophisticated high-speed machines for visual inspections that we deliver to pharmaceutical companies. When pharmaceutical companies fill vials, they must perform high-speed cosmetic control to ensure that no external particles contaminate the drugs. A typical processor from a pharmaceutical company can fill 24,000 to 36,000 pieces per hour. The injection rate is really high, the cost of the drugs can be extremely expensive, and the risk for the patient is extremely high. To combat this,

we developed an algorithm for our special machines for customers that allows artificial intelligence to learn more about and identify defects. It saves millions of euros and drastically increases the quality for the patient. Internally, the benefit for the customer is the ability to collect, track and trace data to enhance processes. Today, we have 16 plants in nine different regions, and produce billions of products 24 hours a day, seven days a week. We use cameras with artificial intelligence that increase our production, reduce the dependency on the operators and give feedback to the machine for self-adjustment. Artificial intelligence software is always improving the system and adjusting accordingly. So, in order to have more stable processes, we need to enhance machines for the customer to receive better products.

Q: What are the characteristics of your leadership style?

I have tried to emulate my grandfather, who always led by example. When I was younger, I used to go to the factory with my grandfather in the morning, which was much smaller than it is today, with maybe 150 employees. The first thing we would do is go around the floor and talk to people to understand both the operations and the people behind them.

I really enjoyed that he established human relationships with people. He was also involved with the technical space, as he was an inventor and had boundless curiosity.

” At Stevanato Group, we put a lot of time and effort into our people because they make the difference

Bruno Spagnolini

CEO, Mecaer Aviation Group

CEO Bruno Spagnolini joined the MAG Group four years ago with a bold vision to expand the business. Here he talks about Group’s history, his recent successes, and innovation and growth.

Q: Mecaer Aviation Group (MAG) is a private aeronautical company founded in Italy in 1995. Can you tell us more about the company’s history and its current market position?

Born in 1995 as a spinoff of an old Siai Marchetti facility in Borgomanero, at that time owned by Agusta SPA, acquired by a group of industrial families passionate about investing in aerospace, MAG achieved a good industrial dimension with the addition, in 2002, of the historical Monteprandone (central Italy) facility, former Breda Nardi, also at that time part of Agusta SPA. Initially therefore MAG business was heavily dependent on Agusta, now Leonardo Helicopters, products. The original Shareholders group gradually started an important diversification of MAG Customers, investing in the relations with other helicopter OEMs like Airbus Helicopters and Bell Textron as well as big industrial conglomerates like Collins Aerospace and Safran.

I joined the group four years ago with the goal of expanding the business, and now we are worth over 150 million euros in revenue. In December 2021 the Shareholders structure changed significantly with Fondo Italiano d’Investimento and Stellex Capital acquiring circa 78% of MAG shares and the previous Shareholder keeping a minority investment in the Group. I also acquired a minority share of the Group since I strongly believe in its capabilities.

This change has given MAG the opportunity to continue its organic growth with the financial possibility to move to some focused acquisitions in aerospace assets to enlarge further its dimension up to an appropriate size while keeping its characteristics of innovation, flexibility and proactive approach to the Customer needs. MAG operates with two Business Units, Aircraft Systems (landing gear, actuation and flight controls) and Aircraft Services (helicopters interiors and MRO), with five main locations, two in Italy, Bor-

gomanero and Monteprandone, and two in North America, Laval and Philadelphia, all with their specialization.

In November 2022 the Group has acquired its fifth facility, Euroavia, based in Reggio Emilia, a small company specializes in helicopter MRO. With this acquisition the Group is now the biggest player in Italy for helicopter MRO, with the ambition to attract MRO business also from the Mediterranean and South Europe areas. Combined with the helicopter interiors business, already servicing the major helicopter OEMs, the Aircraft Services Business Unit has now an appropriate dimension.

Q: How does innovation factor into MAG’s business growth strategy?

Historically MAG’s business was mainly producing components and assembly of Customers design, with a limited approach to MAG design parts. You need to consider that aerospace is a very long-term return industry. If you want to invest in your own designed product, it is not only necessary to be innovative and technically credible, you have also to be patient before having your products in full production. Aerospace certification takes a long time, and you are very much dependent on the helicopter or aircraft OEM. But if you want to be considered a credible partner by the OEMs and you want to have a secured partnership for years you have to own your technology.

That’s why my approach has been since the beginning first to gain cred-

ibility with our clients by supplying products on time and with the ex pected quality, and then gradually investing in our own engineering capability to develop our proprietary line of products partnering with OEMs in the development of new platforms. This approach does not give you an immediate return of the investment but solidify your position in the market. As usual to support this approach you need a balanced mix of business, the day by day one and the long term one where you have invested your D&D capabilities. In the last few years MAG has more than doubled the size of its engineering department with young talents, supported by very experienced mentors, and investing in new laboratories becoming capable to be selected for the development and certification of new actuators, landing gears and flight controls systems. In 2022 we launched our Technological Hub, with the support of senior engineers, to cooperate with the local universities like the Polytechnic of Turin and Ancona and the Technical Schools of our regions, to develop new ideas directly connected with our line of products and developing young students’ capability.

The first results have been very encouraging – we have made application for 3 new patents in one year of activity, and hired in MAG engineering department the majority of the students involved in the hub. The idea is now to partner with other Universities, possibly also of other European Countries like Germany or Switzerland. Our lines of new developments are

landing gears and flight controls, fully integrated hydraulic systems and the use of innovative materials to reduce noise and vibrations in our helicopter interiors. Major components for the new platforms for the Urban Air Mobility are another area of MAG product expansion and the recent order from Archer for the Midnight aircraft is only the first one.

Q: Which international markets is MAG looking at for further business growth? Where do you see the potential for new synergies and stronger cooperation?

Our Laval facility and engineering team was selected in 2020 by Bell Textron for the development of the landing gear of their Invictus helicopter, one of the candidates for the Future Attack and Reconnaissance Aircraft for the US DoD. This is a clear indication where our growth focus is: participating in new defense projects, North American or European, to diversify our offer, add new technological capabilities and find synergies with other possible M&A targets. The new projects like the European new generation fighters are addressing our interest in partnering with German, French or UK industries. European cooperation will be the only solution to make European aerospace industry less dependent on the US one. We are also focused on the new commercial projects in the Urban Air Mobility field, which will be capable of generating significant volumes of activities.

” We have invested significant energy and resources to ensure that our products are state-of-the-art, and we are eagerly focusing on more innovation

Filippo Marchi

General Manager, Granarolo

uate their products through nutrition facts. We have introduced a line of products that is 100% organic with less sugar, including a cheese snack high in protein. The product has become successful in the US, and we have listed it in specific supermarket chains like Trader Joe's. In addition, we are the first producer of organic milk in Italy and are a unique producer in terms of quantities. We also have an entire line of organic products from milk, yogurt, and cheese, and with the organic consumer market growing yearly in Germany, our products, more than ever, are more relevant for consumers. We are using this success to leverage our proposal to penetrate the German market.

The situation was especially tough for top milk producers, Germany and France. The average inflation of the dairy market in Italy is 25%, and the average inflation for consumers is around 9 to 11% which is why it has been hard for consumers.

Q: What sets Granarolo apart from its competitors?

The competitive edge of Granarolo is the capability to provide quality dairy products. The ultimate goal for Granarolo is to become a global brand by exporting high-quality Italian products. The value of Italian export increases yearly, which gives us opportunities to plan company growth outside of Italy. France is the first country where we sell and produce locally, and our arm in France was able to provide close to €200 million in revenue. We work constantly with suppliers and clients about issues like sustainability and improving the quality of our products.

Q: What does this competitive edge mean to the German market?

It is a tough market since there are already other established Italian producers in competition. We want to enter Germany's retail sector and have invested heavily through local acquisition. We even have a plant in Germany, but the mozzarella cheese produced there is exported globally and doesn't focus on the German market. Other

problems with entering the German market are:

1) the competition against commodity producers and Granarolo is not a commodity producer; 2) more than 80% of mozzarella is a private label product and more than 85% of mascarpone is a private label product produced in Germany. However, there are still a lot of opportunities in Germany because German consumers love Italian cheese. Now we are working on specific collaborations with distributors to open our platform in Germany, where we can store our projects and sell to local retailers starting from traditional products (mozzarella, mascarpone, mozzarella di bufala). We are the biggest dairy innovator in Italy: we proposed to the Italian market the first lactose free cheese line, the first lower salt cheeses in the market and last year we launched the first protein cheeses line. We are sure to be able to satisfy all the needs of German consumers.

Q: What sustainability practices have you implemented in the business? Sustainability has become integral for our business as customers eval-

Q: How did you keep the business afloat with rising interest rates, energy prices, and the cost of raw materials, and how do these affect the price you sell your products?

In Germany, most retailers offer discounts, which is a problem for us because their prices might be lower than our average pricing. Because of this, we are very attentive with pricing our products for our German customers. As of the moment, we are entering a crucial point and a critical situation for our business. We counted the extra cost of our business in the past six months, and we could say that the dairy sector was significantly affected by rising inflation and other factors. Based on our research, the rise of inflation in the dairy market is because milk production is decreasing overall. In 2021, global milk production decreased by 2% or 3%. However, milk production in the EU continues to decline, especially in Germany and France, because of the increase in cow feed costs, and the drought also impacted production.

To deal with rising production costs, we focused on internal efficiency, which includes decreasing transportation and extra delivery costs. We ensure containers and trucks are fully loaded when we make deliveries to lessen traveling back and forth. Unfortunately, we also increased prices to deal with inflation. In addition, I think politicians should explain how consumers have the opportunity to pay low prices for high-quality products. This situation causes a problem with the price chain because we want to pay farmers the right price to produce milk to incentivize them, but with how things are, it is not possible. Farmers invest a lot of money to care for the animals and sustainability programs. If you push farmers to sell low, the situation would be similar to France's where the lowest price would be €43 to €45 per quintal.

On the other hand, Germany reacted differently, and milk prices are more aligned with Italy's. This shows the two countries have the same vision and collective responsibility to their farmers. Businesses should be transparent and have a communication campaign around Europe to explain why dairy prices are higher compared to previous years, as it would help the market understand the situation. However, it has to be through governments and industry representatives, not just individual producers. Furthermore, paying the right price to the farmers would guarantee quality in the longterm period. An increase in food cost is oftentimes due to production cost increases. Dealing with energy costs nowadays is very difficult because the monthly costs are three or four times bigger than the previous years.

I don't think the problem is the price of the milk since we have arrived at a plateau, but the problem is the cost of energy. It is also hard to forecast what will happen to energy prices for 2023 following geopolitical issues.

Filippo Marchi was appointed General Manager of Granarolo in 2017, following many years with the company contributing in a fundamental way to the growth and commercial consolidation of the business, both in Italy and abroad.

” The ultimate goal for Granarolo is to become a global brand by exporting highquality Italian products

Carlotta de Bevilacqua

PRESIDENT AND CEO, ARTEMIDE

the arts. Germany and Italy built schools and universities passionate about discovering talents and educating the young generation, especially around culture and innovation. The synthesis between these two countries allows the creation of new technology that is intelligent and functional but never boring. We also share values like respecting the environment, science, humanitarianism and creating beauty. One of the best examples of the art of synthesis is the automotive industry.

that is less harmful to the environment. We continue to look for ways to improve our products, especially because we want people to be responsible with their lights and energy consumption.

Fulfilling this vision is never easy, especially when the future is uncertain. However, we want our customers to feel that the future is always about discovering something new and will always bring opportunities despite a bleak outlook. I want to liken this philosophy to the work of Piero Della Francesca's ‘The Ideal City,’ which people might find fascinating and something perfect, but I believe that the future holds so much more potential than what is the current ideal. Our goal is to continue providing intelligent light to every generation.

Artemide’s President and CEO, Carlotta de Bevilacqua, is an entrepreneur, designer, architect, and lecturer in Lighting Design at Politecnico di Milano University. Her products have received numerous international design awards.

Q: Can you tell us about the history of the brand, and what makes it unique?

This is what I learned from Ernesto about the history of Artemide. The company had already been around for 25 years when I met Ernesto during an event in Milano. At that time, I was a young architect following the footsteps of my mother, who is also architect. Ernesto studied aeronautics at the Politecnico di Milano and worked on rockets also in collaboration with NASA. He moved to Rome for his Master's degree, and that was when he met his first wife, Emma Schweinberger, who was also an architect. She was also the one who told him about the current interior design revolution in Milano, which piqued his interest. He founded Studio Artemide SAS in Milano with Sergio Mazza, in the same year he was taking his Master's degree. The name came from the Greek goddess Artemis, but at the same time, it was because Ernesto wanted the company to be the first name found in the yel -

low pages. They designed the first collection of seven products while he was an associate professor of rocket engines at the Politecnico di Milano. After six years, the company grew, and he decided to leave his career in aeronautics to focus on Studio Artemide SAS. One of Artimede's most prominent designers, Gio Ponti, was personally pursued by Ernesto to create a product design for the company. Artemide's greatest vision is to put together industrial production and the culture of design. This vision was the beginning of Artemide, and it is why it is currently on the world stage. We have a vision of the future while living in the present – catering to human needs and building on the culture of beauty. Our company brings out the DNA of every culture we work with, which makes Artemide unique.

Q: How would you describe the relationship between Italy and Germany, in relation to Artemide?

One of the similarities they share is their passion for architecture and

Despite Italy being our primary market, Germany is a market we continuously grow in since we learn from its people. Furthermore, the relationship between Artemide and Germany is well-built, we have a subsidiary in Germany and one of our showroom and consultancy centers is in Frankfurt. We also continuously urge other Italian companies to invest in Germany since we are committed to staying and helping Italian businesses to grow. In addition, we want our brand to be known as a European brand and not just a product of Italy.

Q: Artemide has a philosophy of human light. Can you explain the meaning of this?

This philosophy comes from the belief that light supports people’s lives and the vision people have in their lives. For years we have studied the influence of how light affects people physiologically and psychologically, and we found how important it is to enhance the experience of people entering the space where our lights are. And that was when we entered the realm of sustainability and how to approach design and production

Q: What is Artemide's strength?

Artemide's strength lies in its ability to synthesize innovation, function, and design. One example of this synthesis is our most known product, The Tizio Lamp, designed in 1972 by Richard Sapper. In our field, any revolution in design is the outcome of electronic or material innovation. At that time, the halogen bulb was the latest invention; it was lightweight, low voltage and need a transformer to work. Ernesto suggested this source to Sapper and this gave him an idea for the design of the Tizio. After that, you could say the rest is history. Our Tizio Lamp was sold in black and white. However, a red version of the lamp has been released in 2022 to celebrate the 50th anniversary of Tizio. In addition, this is the strength of European products, where beauty, intelligence, and functionality are balanced. It is also paramount to us that the product needs to last through generations, and we focus on its longevity as part of our sustainability efforts. When we manufacture our products, we are always mindful of how their longevity would offset our manufacturing costs. For us, innovation is not just about producing something new but finding ways to design products that would last.

” We want to improve people's quality of life while helping heal the environment through our designs

Alessandro Fracassi

CEO, GRUPPO MOL

Alessandro Fracassi, CEO of Gruppo MutuiOnline (Gruppo MOL) S.p.A, is an innovative leader in the world of business process outsourcing (BPO) and platform as a service.

Q: What is the story behind Gruppo MOL, and what inspired you to co-found the company?

I founded the company with my friend Marco Pescarmona after meeting him in the US in 1998, where we studied together at MIT for our MBA for two years. The dotcom bubble was in full swing, and we wanted to try our hand at the new economy through an entrepreneurial route. However, we needed to come up with something fresh and new. At that time, the most innovative thing was the Internet, and the best thing to do was to import digital development models already expanding well in other countries. Online platforms that compare mortgages and other financial products were a technology that was rising not only in the US but in some other EU countries as well. It was the best product to introduce to Italy since it would help the rusty Italian mortgage system, which was only starting to grow following the advantages of being part of the EU again. At that time, the competition wasn't vigorous among banks when we started, and the same goes for insurance companies.

Q: In which areas are you currently seeing the most growth?

Our two divisions have different growth factors. The engine for growth for the retail division is the secular trend of increasing digitalization of the population. More and more people are looking at ways to use their computers or mobile phones to save money. The current economic situation is good for us because people who feel the pressure of how to spend their money will compare more. However, it wasn't the same for all products. Mortgages, rising interest rates, and uncertainty of the future won't push families into a new house, but if they want to invest, they will look for the best mortgages and where they can get the best rate. However, there are some non-negotiables like car

insurance. Choosing the best insurance package one can afford is the game of the moment. Finding ways to get families online and growing the digitalization of the market to help them decide where to spend is crucial for the growth of the retail division. On the other hand, the BPO division will grow further as more financial institutions compete with each other. Insurance companies are becoming more competitive and efficient, and they look for partnerships that are structured, which could help them deliver products in more streamlined and effective ways. Finance companies often struggle with the process of innovation because they are regulated and heavily unionized. Large banks have the capital and management experience to innovate, but smaller and medium-sized banks would find themselves in a difficult position to make the same investments. They then look at founders like us who can invest because we are able to take more risk, and they could leverage their investment in more banks and insurance companies. In our line of business, we can use the solution we used for one bank for the other.

inside the banking process. It is a way for banks to innovate without having to invest in technology. In addition, the banking crisis of the last decade brought a lot of regulation, which made it hard for banks to innovate. It is also the reason why we have fintech now, as they are innovators that work with banks to help them innovate.

Q: Your company is at the forefront of innovation within the sector, with MutuiOnline being the first mortgage broker in the Italian market and PrestitiOnline being the first online personal loans and online funding service in Italy. What innovative products are you working on next, and how does innovation fit into your broader growth strategy?

The border between what is done by technology and what is done by people will narrow down, and technology will continue to do more for people. And as a main player in the BPO industry, we continue to develop and integrate more technology into our solutions. We invest in in-house software developers and other software houses to provide resolutions to our client's issues.

We continue to look at new areas where the technology could provide self-standing solutions, and we continue to ride trends and evolve by increasing our ability to develop software. Getting the timing right is also crucial, especially with technology investments and innovation regulated. A completely technologically backed innovation is also impossible, as we learned the hard way in 2000 when we thought everything we put online would work. Businesses should find a balance when transitioning from one innovation to another. We learned that we should be selling the solution with the use of technology and not the other way around. We want to provide solutions that are already in demand, requested or applicable.

Q: How are you positioning

Gruppo MOL to ensure continuing success?

Another popular service of ours is our lending services. We have a lending entity inside our group that processes loans for banks. We distribute our products through their branches and sell them back to the banks so we can encapsulate an efficient and effective process

As of the moment, we provide a blend of technology and people, but we understand that we might be selling just technology in the near future. However, it is crucial to invest in people because they will be the ones to teach the technology to do their job; People's competence and skills translate into technology.

We are currently in a complex situation following the COVID pandemic and current geopolitical and economic issues. However, we want to position ourselves that we can weather the storm because we believe there are solutions. It's about not making stupid decisions that will put us in peril. There is a lot of uncertainty, so we must be adaptable. We must also ensure that we have enough cash to cover our needs for periods when profits might go down. The crypto crisis is an example of a product built on hype, and it shows why regulations are there for a reason.

”

The current economic situation is good for us because people who feel the pressure of how to spend their money will compare more

“Innovation is the main driver of our business model.”

Luigi Pasquali, CEO of Telespazio and Space Activities Coordinator of Leonardo

A shining example of European innovation is Copernicus – the European Union Earth Observation programme which consists of a network of satellites, ground-based sensors, and other data sources that continuously monitor the Earth's surface, atmosphere and oceans. Named after the Polish astronomer Nicolaus Copernicus, the programme provides free, accurate, and up-todate environmental data and information to support decision-making in a wide range of areas including climate change, natural resources

management, and urban planning. The Copernicus programme is managed by the European Commission in partnership with the European Space Agency (ESA), the European Environment Agency (EEA), and other European and international organizations including Telespazio. Its main objectives are to improve the understanding of the Earth's systems and their interactions, to support sustainable development, and to provide timely and reliable information for emergency management and disaster response.

THE STORY BEHIND THE PHOTOGRAPH