(Alliance News) - SIT Spa announced Thursday a joint venture dedicated to the fume hood market, called SIT MBT Srl.

Flowing into the joint venture will be the spin-off of SIT's business segment dedicated to ventilation and components for fume hoods and pellets and 100 percent of the innovative start-up Motors & Blowers Technology Srl, based in the province of Ancona, started by Gian Luca Uncini and Riccardo Massili. Completing the JV structure is the presence of Wentelon, a partner supplier of ventilation motors, which, with its "state of the art" Chinese factories, will ensure technology and competitiveness for SIT MBT.

The range hood market, SIT points out in a statement, "is expected to accelerate due to the upgrade of EU energy labels that will come into effect on January 1, 2025, with a view to increasing energy efficiency. This will mean that all hood manufacturers will have to adapt products to the new regulations."

Production and R&D will be based at the group's historic production facility in Montecassiano (Macerata), in the heart of the Marche hood and cooker district, which will become SIT MBT's Center of Excellence combining design, R&D and innovation and production activities, with a total team of about 35 people.

Federico de' Stefani, president and CEO of SIT, said, "In our strategic design, an important growth driver is the entry into the heat pump market and the further development of our position in ventilation. Within a few weeks we have with great satisfaction hit these two targets first with the partnership with Panasonic, and now with the SIT MBT transaction, which I am pleased to announce today. The range hood market constitutes an important pillar of diversification for the group in the area of Ventilation, which now also finds a place at the organizational level, alongside the Heating business, precisely because of the opportunities it can express in the short to medium term. SIT MBT thus fits into a well-defined roadmap whose development stages will contribute to the growth of future SIT."

SIT's stock is up 0.3 percent at EUR3.34 per share.

By Chiara Bruschi, Alliance News reporter

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