12/03/20

LU-VE: TIANMEN PLANT IN CHINA REOPENS

Uboldo, 12 March 2020 – LU-VE Group announces that it has received authorization from the Chinese authorities to reopen its production facility in Tianmen in the Province of Hubei. The Group, with its headquarters in the Province of Varese in Italy, is listed on the Milan Stock Exchange and is the third largest producer in the world of ventilated heat exchangers.

Although production in China accounts for only 2% of the Group’s turnover, the reopening of the plant there sends an especially positive signal as well as representing an important success story in the management of a complex situation.

The Tianmen plant had suspended all production activities from January 24 as a precaution, part of the authorities’ contingency plan to address the spread of the 2019-nCoV coronavirus. The restart of production is scheduled for next week, while commercial activities started at the Changshu site on 24 February.

“The reopening of the plant in China is a positive signal of recovery and continuity” - said Iginio Liberali, President of LU-VE – “Even more important were the attributes of keeping a cool head and maintaining the sense of duty that all our collaborators, Chinese and Italian, have shown in a difficult period. Equally important factors were the mutual support and constant collaboration with the local authorities of Tianmen and Hubei, with whom we coordinated support interventions and the supply of sanitary materials. The Chinese market is central to our internationalization strategy because of its great potential for expansion; therefore, the consolidation of these relationships will help to pave the way for our future operations in that country”.