CONSTITUTED IN ROME BY DEED OF NOTARY ENRICO CASTELLINI 5 AUGUST 1964

TERNI WAS FOUNDED IN AUGUST 1884 ON THE INITIATIVE OF SOCIETÀ VENETA, BREDA IN PERSON AND A GROUP OF CAPITALISTS AND BANKERS FROM THE VENETO REGION, INCLUDING A. TREVES AND G.ROMIATI. THE STATE ALSO ADVANCED 12 MILLION LIRE IN ORDERS TO BUILD SHIPS. BREDA'S PROJECT WAS THE REALISATION OF THE COMPLETE CYCLE, FROM ORE FROM THE ELBAN MINES TO THE FINISHED PRODUCT. THE FINANCIAL CRISIS THAT THE COMPANY FACED IN 1887 AND THE OBVIOUS TECHNICAL AND MANAGEMENT ERRORS BROUGHT TERNI TO THE BRINK OF BANKRUPTCY AND FORCED THE IST. AFTER A SERIES OF UPS AND DOWNS THAT INVOLVED GROUPS OF GENOESE SHIPBUILDING INDUSTRIALISTS, STOCK MARKET SPECULATORS AND EVEN THE MIXED BANKS, CREDITO ITALIANO AND BANCA COMMERCIALE ITALIANA, IN 1903 CONTROL OF THE COMPANY PASSED TO ODERO AND ORLANDO, SHIPBUILDERS, SUPPORTED BY THE COMMERCIAL BANK.

TERNI THEN LAUNCHED ITSELF INTO THE PRODUCTION OF ARTILLERY, PROJECTILES AND SPECIAL STEELS FOR SHIPBUILDING.