Italian Investment in the United States

Italian Investment in the United States –
Contributions to a History
Federico Barbiellini Amidei
&
Andrea Goldstein
Dipartimento di Economia politica
Università degli Studi di Modena e Reggio Emilia
22 novembre 2007
Fiat in 1909
I) Motivations & Goals of the Paper
II) Methodology & Data
III) Historical Phases and Milestones
IV) Key Actors (& Sectors)
V) Why So Difficult?
VI) Main Findings
Introduction
I) Motivations …
• Apparent paradox – in the XX century Italy become one of
OECD largest economies, and yet in 1990 all its firms were
employing less people in the United States than a single
Dutch firm.
• The Italian case as an extreme case of active
internationalization: exporting (a lot!) without investing.
• Telling the story of Italian direct investment in the United
States helps to understand Italian big (and not so big)
business and its internationalization.
• Need to reconcile present evidence with history, to trace
contemporary phenomena back to historical trajectories
(there is no clear, linear trend).
Introduction
I) …. & Goals
• Is there anything distinctively Italian in Italy’s direct
investment in the United States (more generally, in Italian
FDI)?
• To what extent have Italian investments in the United
States differed from those of other countries?
• Have Italian businesses in the United States become more
alike over time with those of other European countries?
• How did American operations contribute to the
commercial, industrial, technological and financial
performance of Italy’s largest corporations (Fiat, Pirelli,
Montecatini, Olivetti, etc)?
• To which extent have they transferred back to Italy what
they learnt in America?
Data
II) Methodology
• Ample use of Banca d’Italia archives (especially notes
from NY representatives)
• Company sources, including Generali, IRI and Pirelli
archives
• US media archives (Business Week, Fortune, Trade with
Italy; also Internet archives for The NY Times and Time)
• Many new “Internet friends” who provided advice and
information on often exoteric subjects
• A rich empirical literature of sectors and companies
cases
• Selected oral interviews (especially Olivetti old-times)
Data
II) Data
• Italy is a late-comer and until the recent past preciously few
Italian firms had a presence in the United States.
• In fact, it is only in the 1980s and then more decisively in
the 1990s that the number of affiliates, plants, offices, and
shops in the United States becomes significant.
• The mode of entry has also changed (increasingly M&As).
• Data availability and quality are well-known limitations: any
attempt at taking a long-term historical view is bound to be
problematic. We rely on a variety of sources, none of them
fully reliable or complete, and not always consistent with
each other.
Data
II) US DATA (Bureau of Economic Analysis)
• Italy has always been a very marginal source of FDI
(share in total foreign-held assets)
–
–
–
–
–
End-1929: 1.7% of the total;
1930s: decline to 0.6% in 1939;
1959-1963: increase to 1,3%;
1968-1974: lower and decreasing (to 0,5%);
1977-1991: declining (from new levels, revision after revision, in the 2%-0,5% range).
• Sales and employment figures (only published since
1977) provide a more consistent story of steady
increases in absolute terms and less dramatic volatility
in relative ones:
– turnover has grown 12-fold since 1977;
– the number of jobs provided by Italian multinationals by eight times;
– relative sales share declines in the 1977-1991 period (from new levels, revision after
revision, in the 1,5%-0,6% range);
– share for employment is increasing, and higher than for sales (pointing to a specialization
in labor-intensive sectors).
• The number of affiliates (also published since 1977)
trebled between 1977 and 1991.
Data
2,5
Assets %
Sales %
Employees %
2
1,5
1
0,5
0
1950
1960
1970
1980
1990
2000
2010
Data
300
120
Affiliates #
Employees # (right scale)
250
100
200
80
150
60
100
40
50
20
0
1975
0
1980
1985
1990
1995
2000
2005
Data
120
Assets $
100
80
60
40
20
0
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
Data
5000
Assets $
4500
4000
3500
3000
2500
2000
1500
1000
500
0
1974
1976
1978
1980
1982
1984
1986
1988
Data
40000
Assets $
35000
30000
25000
20000
15000
10000
5000
0
1986
1988
1990
1992
1994
1996
1998
2000
2002
Data
II) ITALIAN DATA (UIC, KPMG)
• In 1980-1988 period the Italian share in total FDI in the US
show a volatile upward trend (in the 0,7%-1,2% range).
• US share in total Italian DI abroad: rising trend in the 19711988 (in the 5%-14% range).
• Italian DI in US on GDP: dramatic increase in 1980s.
• Italian DI abroad vis-à-vis other OECD countries.
• Italian M&As in the US in the 1990s.
Data
1,3
ITALIAN SHARE OF FDI IN USA (stocks as a % of USA inward FDI)
1,2
1,1
1
0,9
0,8
0,7
0,6
0,5
1978
1980
1982
1984
1986
1988
1990
1992
1994
Data
16
14
12
10
8
6
4
2
ITALIAN FDI IN USA: SHARE ON TOTAL ITALIAN OUTWARD FDI
0
1970
1975
1980
1985
1990
1995
Data
20
0,8
ITALIAN FDI (stocks) as a % of GDP
18
0,7
ITALIAN FDI IN USA (stocks) as a % of GDP (right scale)
16
0,6
14
0,5
12
10
0,4
8
0,3
6
0,2
4
0,1
2
0
1936
1946
1956
1966
1976
1986
1996
0
2006
Data
1600
200
180
160
140
120
100
80
60
40
20
0
1971
RATIO
ITALY/GERMANY
OUTWARD FDI
(%)
1400
RATIO ITALY/
FRANCE
OUTWARD FDI
(%)
1200
RATIO
ITALY/EURO
AREA
OUTWARD FDI
(%)
RATIO ITALY/
NETHERLANDS
OUTWARD FDI
(%)
1000
800
RATIO ITALY/
BELGIUM
OUTWARD FDI
(%)
600
RATIO ITALY/
FINLAND
OUTWARD FDI
(%, right scale)
400
RATIO
ITALY/SPAIN
OUTWARD FDI
(%, right scale)
1976
200
1981
1986
1991
1996
2001
0
2006
Data
25
ITALIAN M&A IN USA (#)
ITALIAN M&A IN USA (% of total Italian M&A
abroad)
20
15
10
5
0
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
Data
80,0
70,0
ENERGY PRODUCTS
FOOD BEVERAGES AND TOBACCO
MECHANICAL AND ELECTRONICS
BANKING AND INSURANCE SERVICES
TRANSPORTATION EQUIPMENT
FOOTWEAR, TEXTILE AND APPAREL
TRANSPORT AND COMMUNICATION SERVICES
CHEMICALS, RUBBER AND PLASTIC PRODUCTS
60,0
ITALIAN FDI IN USA: SECTORAL
PERCENTAGE COMPOSITION
50,0
40,0
30,0
20,0
10,0
0,0
1970
1975
1980
1985
1990
1995
Data
7,0
6,0
ENERGY PRODUCTS
TRANSPORTATION EQUIPMENT
FOOD BEVERAGES AND TOBACCO
FOOTWEAR, TEXTILE AND APPAREL
MECHANICAL AND ELECTRONICS
BANKING AND INSURANCE SERVICES
CHEMICALS, RUBBER AND PLASTIC PRODUCTS
5,0
ITALIAN FDI IN USA:
SPECIALIZATION INDEX
4,0
3,0
2,0
1,0
0,0
1970
1975
1980
1985
1990
1995
Milestones
Phase
Until World War I
Key Firms
Fiat
Snia
Intra-war years
Banco di Napoli
Banca Italiana di Sconto
Snia
Chatillon
Italian Superpower Corp.
III)
Italian DI in
US:
Historical
Phases,
Actors and
Milestones
Economic Miracle years
Banca Commerciale Italiana
Banco di Sicilia
Olivetti
Fiat
Montecatini
Buitoni
Gucci
Generali
1963-1992
Banco di Napoli
BNL
Olivetti
Fiat
Montedison
Pirelli
Agip (Eni)
Italcementi
Ferrero
GFT
Marzotto
Armani
Banca Commerciale Italiana
Credito Italiano
Banco di Roma
Banco di Sicilia
Milestones
III) Italian DI in US: until World War I
Year
Milestones
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
Fiat: Fiat Motors Co. factory at Poughkeepsie, NY; then as trading company.
Banco di Napoli: New York branch, monopoly to collect and transfer emigrants’ remittances.
1910
1911
1912
1913
1914
1915
1916
1917
1918
Gualino/SNIA: International Shipbuilding Co., Marine & Commerce Corp. of America, Sniacoal.
Banca Italiana di Sconto: Italian Discount & Trust.
Banca Commerciale Italiana: New York branch.
Milestones
III) Italian DI in US: until World War I (1900-1918)
Phase
Key Firms
Until
World
War I
Fiat
Presence
status
In & Out
Snia (Soc. di Navigazione Italo-Amer)
In & Out
Banco di Napoli
Banca Italiana di Sconto
In
In & Out
Key factors
Sectors
Mkt seeking + technology
Automobile
War short. + US War Aid
Shipbuilding, Transportation, Mining
Remittances Ethn.Comm.
American Finance
Banking
Milestones
Phase
Until World War I
Key Firms
Fiat
Snia
Intra-war years
Banco di Napoli
Banca Italiana di Sconto
Snia
Chatillon
Italian Superpower Corp.
III)
Italian DI in
US:
Historical
Phases,
Actors and
Milestones
Economic Miracle years
Banca Commerciale Italiana
Banco di Sicilia
Olivetti
Fiat
Montecatini
Buitoni
Gucci
Generali
1963-1992
Banco di Napoli
BNL
Olivetti
Fiat
Montedison
Pirelli
Agip (Eni)
Italcementi
Ferrero
GFT
Marzotto
Armani
Banca Commerciale Italiana
Credito Italiano
Banco di Roma
Banco di Sicilia
Milestones
III) Italian DI in US: Intra-war years
1919
1920
Banca Commerciale Italiana: took over Lincoln Trust Company.
SNIA: subsidiaries Industrial Fibre of America, Commercial Fibre.
Credito Italiano: representative office in New York.
1921
1922
1923
1924
1925
Comit: Banca Commerciale Italiana Trust Co. established in New York.
SNIA: Industrial merged with American-owned company, becoming Industrial Rayon of America.
SNIA: listed on the NYSE.
Banco di Sicilia: Bank of Sicily Trust.
1926
1927
1928
1929
1930
1931
Châtillon: American Châtillon (with Tubize).
Comit: Bancomit Corporation, to overcome interstate banking prohibition.
Gualino: General SALPA Limited.
Pirelli: listed on the NYSE.
Comit: BCI Trust Co. in Boston and Philadelphia.
Banco di Napoli: Banco di Napoli Trust Company in New York.
Châtillon: American Châtillon merged with Tubize, then Celanese.
Banco di Napoli: Banco di Napoli Trust Company in Chicago.
1932
1933
1934
1935
Generali: open US branch.
1936
1937
1938
1939
Comit: liquidation of Boston, Philadelphia Trust, sale of NY Trust.
1940
1941
1942
1943
1944
1945
Buitoni: create Buitoni Foods as an independent company, to run spaghetti bars, small plant.
Closing of Comit branch, liquidation of Banco di Napoli Trust (previously aquired B. of Sicily T.)
Milestones
III) Italian DI in US: Intra-war years (1919-1945)
Phase
Key Firms
Intra-war
years
Snia (Soc. Nav. Ind. e Comm.)
Chatillon
Presence
status
In & Out
In & Out
Buitoni
In
Banca Commerciale Italiana
In & Out
Banco di Sicilia
Banco di Napoli
In & Out
Out
Key factors
Sectors
Tariff + Technology advantage
(products & equipment)
Synthetic Fibers
Mkt (prod.&sale structure) +
Ethnic consumers
Food
Ethnic community savings +
Trade financing (Italian imports,
US importers of Italian Goods) +
Access to hard currency +
Italian issues capital mkt +
to back industrial partners (Chat)
Banking
Milestones
Phase
Until World War I
Key Firms
Fiat
Snia
Intra-war years
Banco di Napoli
Banca Italiana di Sconto
Snia
Chatillon
Italian Superpower Corp.
III)
Italian DI in
US:
Historical
Phases,
Actors and
Milestones
Economic Miracle years
Banca Commerciale Italiana
Banco di Sicilia
Olivetti
Fiat
Montecatini
Buitoni
Gucci
Generali
1963-1992
Banco di Napoli
BNL
Olivetti
Fiat
Montedison
Pirelli
Agip (Eni)
Italcementi
Ferrero
GFT
Marzotto
Armani
Banca Commerciale Italiana
Credito Italiano
Banco di Roma
Banco di Sicilia
Milestones
III) Italian DI in US: Economic Miracle years
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
Ferragamo: store opened in New York.
Banco di Napoli: branch in New York.
Olivetti: subsidiary in New York.
Generali: controlling stake of Buffalo Insurance Company (NY)
Arnoldo Mondadori: American office.
Buitoni: new plant for pasta production in New Jersey.
Olivetti: electronic computer research laboratory, in New Canaan, CT.
Generali: US branch.
Pirelli: Pirelli Canada cable factory in St Johns, Quebec.
Gucci: store opened in New York.
Buitoni: Buitoni Food part of the Italian group.
Finmeccanica (IRI): shop in New York.
Fiat: Fiat Servofide.
1956
1957
Fiat: Fiat Motor Company.
Montecatini: listed on NYSE.
1958
1959
1960
1961
1962
Olivetti: take over Underwood.
Montecatini: Novamont subsidiary.
Montecatini: Novamont start production of polypropylene (Moplen) in Charleston, WV.
Chatillon (Edison): strategic alliance with Firestone for a plant in Hopewell, VA.
Agip (Eni): Agip USA (commercialization).
BNL: New York branch.
Milestones
III) Italian DI in US: Economic Miracle years (1946-1962)
Phase
Key Firms
Key factors
Sectors
Olivetti
Presence
status
In
Economic
Miracle
years
Mkt (sale, post sale structure) +
Fear of tariff + Mkt share (A) +
Tech. (design, brand et al.) +
Access to new tech. and skills
(research centers)
Typewriters, calculators
Fiat
In
Tech.&prod. coop.+ Mkt&Tech.
(small cars) + It.Gov. restrain
Automobiles
Montecatini
In
Tech. (extend pat. but) + Mkt
(but inadequate sale structure) +
Unability to coop. + Listing on
NYSE (difficulties in financing)
+ It.Gov. restrain
Chemical
Buitoni
Stayed
Mkt (prod.&sale structure) +
Ethnic consumers
Food
Gucci
In
Mkt (sale struct.) + Brand tech.
Fashion
Generali
In
Mkt share (A) + Cooperation
Insurance
Banco di Napoli
BNL
In
In
Remittances + Export fin. +
(state) Industry backing
Banking
Milestones
Phase
Until World War I
Key Firms
Fiat
Snia
Intra-war years
Banco di Napoli
Banca Italiana di Sconto
Snia
Chatillon
Italian Superpower Corp.
III)
Italian DI in
US:
Historical
Phases,
Actors and
Milestones
Economic Miracle years
Banca Commerciale Italiana
Banco di Sicilia
Olivetti
Fiat
Montecatini
Buitoni
Gucci
Generali
1963-1992
Banco di Napoli
BNL
Olivetti
Fiat
Montedison
Pirelli
Agip (Eni)
Italcementi
Ferrero
GFT
Marzotto
Armani
Banca Commerciale Italiana
Credito Italiano
Banco di Roma
Banco di Sicilia
Milestones
1963
1964
1965
1966
1967
1968
1969
Rizzoli: Fifth Avenue bookstore.
Ifi: important shareholder of 3M (Ferrania). Carlo Gavazzi: Reactor Controls in California.
Olivetti: Olivetti Underwood acquire Federal; new subsidiary, Copia.
Agip (Eni): Agip Petroleum Co. Inc. (exploration and production).
Montecatini Edison: doubling of American plant.
Olivetti: new plant in Harrisburg of Olivetti Underwood.
Pirelli: Pirelli Canada control four cable plants.
Ferrero : sales office in New York; then production.
Comit: New York branch.
1970
1971
III)
Italian
DI in
US:
19631992
1972
1973
Olivetti: Advanced Technology Center in Cupertino, Olivetti Research Center in Menlo Park (CA).
Fiat: Fiat-Allis.
Credit: New York branch.
Banco di Roma: New York branch ; Banco di Roma Inc., Chicago.
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
Fiat Agri: acquire 100% of Hesston. Beretta: Beretta USA, acquired a gun factory in Washington D.C.
Fiat: Industrial Vehicles Corporation.
Pirelli: Pirelli Enterprise founded, cable sector (5 U.S. plants acquired).
Benetton: first store opened in North America.
Campari: Campari USA.
Armani: open its first American store in Miami.
Comit: acquisition of Litco Bancorporation (holding company of Long Island Trust Company, New York).
Brioni: shop in NY.
Montedison: Himont (joint venture with Hercules in the polypropylene sector); Erbamont (controlling
pharmaceutical Farmitalia-Carlo Erba) quoted on the NYSE. Fiat auto pull out. Chiorino: US subsidiary.
1984
1985
1986
1987
1988
Pirelli: acquisition of David System (communications systems) in Silicon Valley.
Montedison: Ausimont Compo, specialty chemicals company (merge of Ausimont, specialty plastics, with
Compo Industries).
Marzotto: US subsidiary. Benetton: plant in North Carolina. Cinemeccanica: US subsidiary.
Montedison: Ausimont Compo acquire Allied-Signal’s fluoropolymer plant facilities in Texas and New Jersey.
Prada: shop in NY.
GFT: acquisition of Riverside Manufacturing, North Carolina. Benetton: establish Benetton USA Co.
Pirelli fails to take over Firestone and ends up buying Armstrong. De Longhi: US subsidiary in Florida.
1989
1990
1991
1992
Zegna: shop in NY.
Eni: acquisition of Freeport McMoRan; Agip Petroleum Exploration Co. is founded.
Marzotto: through Hugo Boss acquisition, The Joseph & Feiss Co. (production + retail trade)
Milestones
III) Italian DI in US: 1963-1992
Phase
Key Firms
Key factors
Sectors
Olivetti
Presence
status
Stayed
19631992
Tailor
old
mkts
+
Diversification (new mkts
A) + Access to new tech.
and
skills
(research
centers)
Typewriters, calculators, computers,
copying machines
Fiat
Out In
Tech.
&
productive
partnerships + Mkt share
(A)
Automob., construction equipment,
trucks, agricultural machinery
Montedison
In
Mkt (but politics needs) +
Tech. strategic alliances
(focus on core business)
Chemical, fine chemical, pharm.
Pirelli
In
Mkt&Tech. cable (prod.
&sale, post sale structure)
+ Access to new tech. (A)
+ Mkt share tires (A)
Cable, optoelectronics, tires
Agip (Eni)
In
Trade + Resources seeking
+ Political needs
Oil
Ferrero
In
Mkt (marketing, prod.)
Food
Benetton
Armani
Marzotto
GFT
In
In
In
In
Mkt
(sale
structure,
marketing) + Mkt share
Textile, Cloth and Fashion
Banca Commerciale Italiana
Credito Italiano
Banco di Roma
Banco di Sicilia
In
In
In
In
Assist Italian corporate
clients
(raising
funds,
export.,
DI-M&As)
+
Money mkt + Access
techn. (finance)
Banking
Key Actors
IV) Key Actors & Sectors: Olivetti
• Adriano and the US (visit in 1925)
• After WWII, Olivetti is emblematic of Italian design & buon gusto
• Underwood acquisition
– Hubris? Adriano had been denied entry to the plant in 1925
– “The acquisition was to Italians a symbolic act that somehow seemed a
vindication for every poor Italian, possessions wrapped in a red bandanna,
who had come hopeful and illiterate to the New World” (Fortune)
– Still, rivals’ interest convinced Adriano to pre-empt them
• Post-merger integration
–
–
–
–
–
Adriano passed away a few months later
Underwood was a lemon (André Mayer said so!)
Progress in the early 1960s (Galassi and Gabetti)
Crisis in Italy and Argentina hit the recovery in the US
Also an opportunity to learn how to improve production and marketing
• De Benedetti years
Key Actors
IV) Key Actors & Sectors: Olivetti
1950
1952
1954
1959
1960
1964
1965
1968
1969
1972
1980
Olivetti opens a subsidiary in New York, Olivetti Corp. of America, selling printing calculators,
competing on quality rather than price.
Olivetti opens an electronic computer research laboratory, in New Canaan, CT.
The Museum of Modern Art in New York organize a 40-day exhibition of Olivetti’s work.
Flagship store inaugurated in Fifth Avenue, followed by others in San Francisco and Chicago.
Olivetti takes over Underwood (34%; 9 mln $). Negotiation conducted in a hurry (no proper due
diligence), against advice of Lazard Fréres.
69% of Underwood (30mln $ stock exchange).
90% of Underwood, renamed Olivetti Underwood. At the end a cost of 100 mln $.
Olivetti Underwood acquire Federal; established a new subsidiary, Copia. Minicomputer
Programma 101’s launch in NY, 1st time a new product unveiled abroad, in the US.
New plant in Harrisburg of Olivetti Underwood designed by Kahn. Harford plant closed.
US 25,5% of Olivetti’s total sales, company’s largest mkt.
Olivetti opens the Advanced Technology Center in Cupertino and Olivetti Research Center in Menlo
Park (CA). In 10 years: dozens of Italian researchers work in these labs; hundreds Italian engineers
pass through them.
1st Olivetti PC M20 takes form in Cupertino (CA).
Key Actors
Key Actors
Olivetti-Underwood Factory in Harrisburg, PA
(1966-70) by Louis I. Kahn
Underwood – before and after Olivetti
Key Factors
V) WHY SO DIFFICULT?
Economic sphere
• Big business has failed to accumulate the necessary ownership advantage to
justify FDI.
• Italian peculiar productive specialization and firms dimensional structure.
• Lack of Italian free-standing companies and major mining corporations.
• Shallow financial and governance situation (not only family capitalism).
• US mkt is tough, huge size and highly competitive, important attempts of entry
failed (Fiat, Snia, Buitoni).
Managerial sphere
• Organizational and managerial weakness.
• Unwillingness to co-operate, coordination failure (Fiat-IRI; within IRI).
• Deficit in attitude to international partnership (Montecatini).
Political sphere
• Weight of State-owned companies (IRI’s obligation to invest in Mezzogiorno);
political interference (Montedison).
• Italy’s foreign policy (before, during and after WWII).
Key Factors
V) NOTWITHSTANDING
•
Huge American-Italian population and possibility to tap into a huge reservoir of
potential consumers, savers and professionals (but for food&beverages tariff induced import
substitution by ethnic Italians).
•
Favour that Italian goods registered in the American markets
(but need to develop
products with an “Italian flavour”, “made in Italy” brand, no ethnic).
•
The fascination that the American model arouse in the minds of leading Italian
business figures (but their scarcity, their relative isolation and partial domestic adherence to the American
model).
VI) Conclusions
•
•
•
•
•
•
Italy is a late-comer and until the recent past few firms have accumulated the necessary
ownership advantages to expand internationally, a fortiori in a markets such as the US. WWII
provoked a discontinuity in Italian FDI in the US, although not on a size comparable to
Germany and Japan. Crucial development in 1950s and 1960s, but (internal mkt main driver,
South Italy, EEC) … Only in the 1980s and 1990s the number of individual affiliates, plants,
offices and shops in the US increase substantially.
For the best part of the 20th century, the international expansion of Italian financial and nonfinancial companies was linked to the presence of an ethnic community.
Italian firms, even when they had the necessary firm-level advantages, often forfeited the
opportunities for lacking an open attitude to international collaboration.
Italian firms apparently have had no major problems controlling their U.S. operations, both
coping with local managers, and (more likely and often) sending their own best managers to the
US, also to train them in the world’s most testing market.
US it’s one of the toughest mkt in the world, its business environment has often proven
difficult/unpredictable for Italian firms, not accustomed both to its huge size and to the highly
aggressive behavior of competitors.
Trying to understand the extent to which Italian firms benefited from FDI in the US,
emerge the story of “talent mobility”, issues such as knowledge transfers and crosscultural learning processes.
Italian Investment in the United States –
Contributions to a History
Federico Barbiellini Amidei
Banca d’Italia
Via Nazionale, 191
00184 Rome - ITALY
ph.: ++39 06 47925956
fax: ++39 06 47925444
e-mail: [email protected]
Andrea Goldstein
OECD
2, rue André Pascal
75775 Paris Cedex 16 - FRANCE
ph.: ++33 01 45248946
fax: ++33 01 45248500
e-mail: [email protected]
Dipartimento di Economia politica
Università degli Studi di Modena e Reggio Emilia
22 novembre 2007