Milltech joins Toscotec
Toscotec has purchased Milltech, the Lucca-based supplier of advanced solutions for drying to the paper industry. Toscotec CEO Alessandro Mennucci this week 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.
"We can now offer our clients solutions that are even more integrated," he explained. 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. A paper mill which recently won the prestigious PPI award for efficiency, did so largely on the basis of its use of Milltech technology.
The Mennucci Group is one of the most important industrial groups in Lucca, with a turnover which grew in 2011 by more than 20 per cent. In addition to Toscotec, the Group includes pasta producer Pastificio Mennucci and Me.Ro, which specialises in electronic components and processes for the plastics and bottling industry. Toscotec is a global supplier to the paper industry which competes successfully with the multinationals of Northern Europe. Toscotec includes S.to.r.i., which provides its customers with a full maintenance service for rolls and cylinders.
"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".