November 2015

Tamini finalized the business combination with TES

The agreement, effective Nov 1st, 2015, leads to the integration of Brescia-based TES - Transformer Electro Service with Tamini Trasformatori, the global leader in the design and manufacture of industrial energy transformers, which became part of Terna Group in May 2014.

TES mainly produces energy transformers for industrial use which can provide up to 420 kV and 300 MVA power and offers after-sales assistance to customers. The company was established in 1998, through a spin-off of ASO Siderurgica S.r.l. (“ASO”).

The transaction, announced to the market on 16 September 2015, has been carried out through an increase in the share capital of Tamini of approximately 26.4 million euro, reserved for Holdco TES S.r.l.. Following the agreement, Terna Plus will hold 70% of the share capital of Tamini while Holdco TES will hold the remaining 30%. Holdco TES is controlled by the Xenon Private Equity V fund, Riccardo Reboldi and Giorgio Gussago.

The deal allows Tamini to strengthen its worldwide leadership in the field of the industrial transformers and after sales assistance to customers, beside reinforcing it in the Power and Utilities sector, to the benefit of its customers and the world steel industry generally. The combination of the best technologies, experiences, relationships, services and, above all, the best human capital in the world, will lead to the development of new products and new services, at full advantage of customers’ needs.

With 420 highly qualified employees, customers in more than 90 countries around the world and more than 9,000 installed transformers, Tamini is the world leading Italian company for the design and production of industrial, power and special transformers. Tamini manages 6 production facilities in Italy, in Legnano, Melegnano, Novara, Ospitaletto, Rodengo e Valdagno. At the end of year 2014 Tamini plus TES recorded revenues of 135,8 million euros.