(Alliance News) - Piovan Spa made it known Wednesday that it is continuing its strengthening with further expansion into Germany, Europe's key plastics market.

The group will give support to the installations of Germany's ProTec and ensure continuity and qualified assistance to some of the company's customers, the company explained in a note.

Piovan Group, in fact, is buying a selection of assets from German competitor Protec Polymer Processing GmbH, an international supplier of systems for the plastics industry, which is currently in receivership.

The transaction involves assets formerly belonging to the Material Handling, Dosing and Recycling divisions, markets where the Piovan Group itself operates, a world leader in the production of systems for automating production processes with plastic and bio-plastic materials.

The transaction will take place through the subsidiary FDM with the triple purpose of: increasing the Service/post-sale business, offering customers upgrades and retrofits of old Protec systems with new solutions from the Piovan group, and supporting joint customers in the difficult situation caused by the bankruptcy proceedings of ProTec Polymer Processing GmbH.

Piovan gives up 2.1 percent to EUR9.79 per share.

By Claudia Cavaliere, Alliance News reporter

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