Growing Italian engineering, testing, inspection, certification and ship classification group RINA has bought the major shareholding in Italy’s leading center for innovation in materials technology, CSM. According to RINA, the move strengthens its expertise in specialized steel processes and products, especially for the energy sector and in innovative waste to energy conversion technologies.
RINA CEO Ugo Salerno said, “Bringing CSM into RINA is part of our long-term growth strategy of developing and widening our specialist competence. CSM’s very highly skilled engineers and scientists bring skill sets which complement ours and will enable us to grow faster in developing countries and in the offshore energy business, two areas of major opportunity for RINA.”
CSM CEO Mauro Pontremoli said, “Joining RINA gives us the financial platform and market outreach we need to deliver our skills and knowledge globally. We already earn 45 percent of our revenues outside Italy and there is huge demand for advanced materials knowledge in the developing world, especially in steel and metal alloys processes and products. Working with RINA we can capitalize on our knowledge base, our over 800 patents and our innovative processes such as in waste-to-energy and in pipeline development.”
CSM has a turnover of around €30 million and employs around 300 people in centers across Italy. Its acquisition will boost RINA’s projected 2014 turnover to around €330 million.