Dear Business Partners,

We announce that ISA TanTec (“ISA”) has sold its stake in Scamosceria del Brenta SRL (“SAB”) as of 31.12.2020.

Since the beginning of COVID-19, ISA management and shareholders have been monitoring the business situation at SAB closely. We are in the view that a reduced Italian market size as a result of COVID-19, will no longer support and deliver the anticipated growth and profitability as ISA originally planned and pursued.

While we are convinced that SAB will continue to grow, on basis of customer relationships, systems and investments that ISA has introduced and implemented over the past years, ISA management and shareholders have come to the conclusion that to maximize its potential SAB should be owned and managed independently while being further on strategically aligned with ISA.

Based on that, we have reached an agreement with Angelo Gerolimetto and Filippo Gerolimetto, whose family founded SAB in 1941, to sell its stake in SAB to Angelo Gerolimetto and Filippo Gerolimetto.

We wish SAB a prosperous future and all the best under the leadership of its new shareholders.