Toscotec has purchased Milltech, the Lucca-based supplier of advanced solutions for drying to the paper industry. Toscotec CEO Alessandro Mennucci announced the acquisition Milltech’s entire shareholding from Faper Group. “The fact that Milltech’s success lies not only in drying, but also in energy saving, was a crucial factor in our decision,” said Mennucci.
Thanks to its purchase of Milltech, Toscotec can supply complete solutions for drying and energy saving. The company already possesses considerable expertise in energy efficiency thanks to its highly successful steel drying cylinder – TT SYD – of which it has sold more than 90 units worldwide.
The Mennucci Group is one of the most important industrial groups in Lucca, with a turnover which grew in 2011 by more than 20%. In addition to Toscotec, the Group includes pasta producer Pastificio Mennucci and Me.Ro, which specializes in electronic components and processes for the plastics and bottling industry.
“We are delighted that Milltech will be able to benefit from Toscotec’s industrial and strategic resources, as it embarks on its second growth phase”, said Fabio Boschi, CEO of Faper Group. “Toscotec is a successful company built on strong traditions, and driven by a highly capable management team which will truly understand the potential synergy with Milltech’s technology and innovative spirit. Faper Group will continue to invest in its core activity represented by tissue converting, through its subsidiary Futura spa”.
next post