The Italian Piovan Group and IPEG have signed an agreement for the acquisition by Piovan of IPEG, the American leader in the field of polymer conveying and processing automation with brands such as Conair Group, Thermal Care, Pelletron Corporation and Republic Machine.
The combined group will have a workforce of more than 1,800 employees and will operate 14 facilities worldwide, and would have generated pro-forma sales of over €450 million (on the basis of the results for the twelve months ended 30 September 2021).
Nicola Piovan, Executive Chairman of the Piovan Group, said:
“We are particularly pleased and proud to combine our skills with those of the IPEG group, creating the global leader in industrial automation in the plastics sector. Two years ahead of schedule, we have doubled our size since the year of the IPO and we are confidently prepared to meet future challenges and to take advantage of any further aggregation opportunities that may arise.”
Filippo Zuppichin, Piovan Group CEO, added:
“The acquisition of such an important American player and the merger of two of the largest companies in the world in the field of industrial automation for the processing of virgin and recycled polymers and bioresins will allow us to achieve important growth opportunities on a global scale.
“It will also allow Piovan Group to access a formidable customer base in North America, with the possibility – thanks to the international set-up of Piovan Group – to follow the investments of the main American multinational corporations in the world. Moreover, it will allow a faster rollout of the group’s proprietary technologies to the American market, particularly in the circular economy. We are convinced that this transaction will create great value for our shareholders.”
The new size will enable further growth in the area of the circular economy and investments in digitisation 4.0. The group will continue to pursue its strategy of putting its customers, its people and a constant approach to innovation first.