Piovan S.p.A. has signed an agreement to acquire all of IPEG, Inc.’s outstanding shares, in a bid to become the global leader in the field of industrial automation for the processing of virgin and recycled polymers and bio-resins.
IPEG is a US-based industrial group comprised of the brands Conair, Thermalcare, Pelletron, and Republic Machine. The Italian Piovan Group says that it expects the closing of the acquisition to take place in the first quarter of 2022.
The combined group will reportedly have a workforce of more than 1,800 employees and will operate 14 facilities worldwide. Based on data for the twelve months leading up to September 30th, 2021, Piovan claims that the pro-forma sales of the combined group are over €450 million.
The company says that the acquisition will enable it to advance its contribution to the circular economy and its investments in digitisation 4.0.
Nicola Piovan, executive chairman at the Piovan Group, comments: “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.”
Filippo Zuppichin, CEO at Piovan Group, adds: “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 bio-resins will allow us to achieve important growth opportunities on a global scale.
“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.”
This year, Piovan’s Inspecta Be, which helps to simplify the control of Benzene values in PET, was a finalist in the Machinery category at Packaging Europe’s Sustainability Awards.