Piovan acquires 100% of the American Ipeg Group

100% of the shares of the US Ipeg Group, comprised of the four brands Conair, Thermalcare, Pelletron and Tepublic Machine, has been acquired by Piovan. The combined group will have a workforce of more than 1,800 employees, will operate 14 facilities worldwide, and would have generated pro-forma sales of over 450 million euros.

"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”, Nicola Piovan, Executive Chairman of the Piovan Group, said.

"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 to the American market of the Group's proprietary technologies particularly in the circular economy. We are convinced that this transaction will create great value for our shareholders”, Filippo Zuppichin, CEO Piovan Group, added.

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.