Voith to Acquire Controlling Interest in Toscotec
Toscotec S.p.A. is a global supplier of systems, products and services for the paper industry with headquarters in Lucca, Italy.
Dec. 23, 2019 - Voith announced that it has agreed to acquire 90 percent of the shares in Toscotec S.p.A. A corresponding purchase contract was signed on Dec. 20, 2019. Both parties agreed not to disclose the purchase price.
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, or toilet paper.
“Especially in the tissue range, Toscotec is a highly regarded and established company that strengthens our offering in this important growth area,” said Andreas Endters, President & CEO Group Division Voith Paper. “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 company employs around 200 people and generates a turnover of approximately 100 million euros.
Alessandro Mennucci, CEO at Toscotec, commented, “The focus of our efforts is on maximum production efficiency, reduced consumption, and the highest quality. We are happy to have gained a renowned partner with Voith that pursues sustainable business activities and a likewise sustainable investment strategy.”
The closing of the transaction is anticipated to occur at the first half of 2020 and is subject to regulatory approvals and meeting of other usual closing conditions.
Voith Paper is a full-line supplier to the paper industry, providing a large range of technologies, services, components and products, and offers paper manufacturers solutions from one single source. To learn more, please visit www.voith.com.
SOURCE: Voith Group