The Italian Piovan Group acquires the American Ipeg Group, with a turn-over of almost half a billion euro, in the field of industrial automation for the processing of virgin and recycled polymers and bioresins. Closing expected within the first quarter of 2022.
Piovan S.p.A. and Ipeg, Inc. announced the signing of an agreement providing for the acquisition by Piovan of 100% of the out-standing shares of Ipeg, a U.S. industrial group comprised of the four brands Conair, Thermalcare, Pelletron 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).
“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.” – states Filippo Zuppichin, CEO Piovan Group – “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”.
The new size is intended to enable further growth in the area of the circular economy and investments in digitisation 4.0.