Voith Group has announced plans to acquire 90 per cent of the shares in the Italy-based paper industry supplier Toscotec S.p.A.
The transaction is expected to close in the first half of 2020. The purchase price will not be disclosed.
Toscotec S.p.A. is a global supplier of systems, products and services for the paper industry with headquarters in Lucca, Italy. Its focus is on tissue machines for manufacturing sanitary products such as paper towels, paper napkins and toilet paper.
“Especially in the tissue range, Toscotec is a highly regarded and established company that strengthens our offering in this important growth area,” says Andreas Endters, president and CEO Group Division Voith Paper, in a statement. “With this acquisition, Voith can expand its position as a full-line supplier in all areas of the paper industry and gains a tradition-rich, powerful and agile unit.”
Toscotec S.p.A. has specialized in the manufacturing of machines for the tissue and paper industry since 1948. “The focus of our efforts is on maximum production efficiency, reduced consumption and the highest quality,” says Alessandro Mennucci, CEO at Toscotec S.p.A. “We are happy to have gained a renowned partner with Voith that pursues sustainable business activities and a likewise sustainable investment strategy.”
The company also has locations in China and the U.S. to supply its customers with state-of-the-art technologies and services, from the production line through conversions and rebuilds to individual components. Toscotec S.p.A. employs around 200 people and generates a turnover of approximately 100 million euros.
Voith Group employs more than 19,000 people, with sales of $4.8 billion and locations in over 60 countries worldwide.
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