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Fives has acquired Pietro Carnaghi SpA, an Italy-based manufacturer of large machine tools. Together, the operations of Fives’ HPM division and Pietro Carnaghi are expected to generate revenue of approximately €400-450m, relying on the combined workforce strengths of 1,900 global employees to expand markets, enhance capabilities and deliver even greater value to clients. Fives will increase its manufacturing capabilities and gain greater control over its supply chain, thanks to the integration of a state-of-the-art 45,000 m² industrial facility in northern Italy. Says Giuliano Radice, chairman of Pietro Carnaghi: “This transaction reinforces our ability to maintain ongoing activities and honour existing contractual commitments, ensuring a consistent and high-quality presence in the market.” More information www.fivesgroup.com