Kubota Corporation (Head Office: Naniwa-ku, Osaka, Japan; President and Representative Director: Yuichi Kitao; hereinafter “Kubota”) announced today the execution of an agreement for the acquisition of the mower business division of an Italian mower manufacturer, Officine BIEFFEBI s.p.a. (Head Office: Lombardia, Italy; hereinafter “BFB”), and of BFB’s subsidiary, Gianni Ferrari s.r.l. (Head Office: Emilia-Romagna, Italy; hereinafter “GF”), which will consolidate to become a wholly-owned subsidiary of Kubota Holdings Europe B.V., Kubota’s European Headquarters for its farm & industrial machinery business (Head Office: Nieuw-Vennep, the Netherlands; President: Yasukazu Kamada; hereinafter “KHE”).

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1. Background and Purpose

• The Kubota Group’s mower business in Europe has shown solid growth in the market segment for professional and high-end consumer mowers owing to their superior durability and operability.
• Center Collect Front Mower (“CCFM”) is a top-of-the-line model for professional mid- and lager-size lawn mowers.　In recent years, CCFM have experienced a steady increase in demand in Europe.
• Both BFB and GF are enjoying tremendous popularity as pioneers of CCFM in Italy, France, Germany, the U.K., and other countries in Western Europe.
• The two companies and Kubota each have a competitive advantage in different markets and product lines and perfectly complement each other, making this business partnership an optimal one. Establishing the new company, Kubota Gianni Ferrari s.r.l.( Head Office: Emilia-Romagna, Italy), the Kubota Group expects to expand its product line and, by integrating each other’s resources in the sales, production, and development processes, accelerate the expansion of its business there.

• The closing of this transaction is subject to the completion of the condition precedents including the obtainment of the Golden Power clearance. (the Golden Power is the special power of the Italian government to limit or stop foreign direct investments (“FDI”) and corporate transactions involving Italian strategic assets).

2. Overview of BFB and GF

About BFB

Corporate name	Officine BIEFFEBI S.p.a.
Business	Develop, manufacture and sale of small and mid-size mower
Established	1979
Location	Gonzaga, Lombardia, Italy

About GF

Corporate name	Gianni Ferrari s.r.l.
Business	Develop, manufacture and sale of small and large-size mower
Established	1989
Location	Reggiolo, Emilia-Romagna, Italy

Reference

About KHE

Corporate name	Kubota Holdings Europe B.V.
Business	Management of farm and industrial machinery business
Established	2017
Location	Nieuw-Vennep, Kingdom of the Netherlands
Representative	Yasukazu Kamada

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