Toscotec has reached an agreement with Voith Group on the acquisition of 90% of its shares by Voith. Alessandro Mennucci, CEO of Toscotec, will retain a 10% ownership. The agreement was signed on December 20th, 2019.
Established in 1948, Toscotec specializes in the design and manufacture of machinery and equipment for the production of tissue, paper, and board. Headquartered in Lucca Italy, and with subsidiaries in China and the USA, Toscotec provides its customers with state-of-the-art technologies and customized solutions from complete production lines to rebuilds and single components.
Following its acquisition by Voith, Toscotec will continue to provide its range of products and services and to operate at its existing locations.
The Voith Group is a global technology company. With its broad portfolio of systems, products, services and digital applications, Voith sets standards in the markets of energy, oil & gas, paper, raw materials and transport & automotive. Founded in 1867, the company today has more than 19,000 employees, sales of € 4.3 billion and locations in over 60 countries worldwide, and is thus one of the largest family-owned companies in Europe.
Andreas Endters, President & CEO Group Division Voith Paper, commented: “Especially in the tissue range, Toscotec is a highly regarded and established company that strengthens our offering in this important growth area. 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.”
“We look forward to starting this new exciting phase of our history. We will strengthen our entire organization with substantial synergies. Toscotec’s winning team will remain the same and will have the opportunity to grow and achieve new and important targets. 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” says Alessandro Mennucci, CEO of Toscotec.
The acquisition is expected to be completed in the first half of 2020, subject to all regulatory approvals and to the meeting of closing conditions.