Voith Group has completed its acquisition of Toscotec after obtaining all of the required regulatory approvals.
Toscotec will continue to offer its established portfolio, operating under the same brand.
Andreas Endters, president and chief executive of Voith Paper, said: “Toscotec’s acquisition matches Voith’s targets of strategic growth in a perfect way. The company’s range of products and services effectively supports our portfolio and further strengthens our position as a full-line supplier in important areas of the paper industry.”
In tissue, the company will carry out the business with new lines and major rebuilds for the whole Voith Group.
Voith Paper will continue to serve its delivered tissue machines and all other business activities will remain unaffected.
Alessandro Mennucci, Toscotec chief executive, said: “This acquisition is a landmark in the history of our company. By joining forces with Voith, we plan to pursue new ambitious goals. We will build on our expertise and strong reference base in the paper industry and will be able to offer added value to our customers.”
Voith has acquired 90% of the company’s shares, with Mennucci keeping the remaining 10%.
The merged business has 19,000 employees worldwide, sales of € 4.3bn, and locations in over 60 countries worldwide.