Piovan SpA may be based in Venice, Italy, but it is now officially an American company.
That change in operating philosophy comes courtesy of Piovan CEO Filippo Zuppichin, who sat down with Plastics News at K 2022 to discuss the company's plans and current vision after making arguably the largest acquisitions in recent memory in the global auxiliary equipment market.
In January 2021, Piovan purchased IPEG Inc., another auxiliaries giant based in Cranberry Township, Pa. The sale, for an initial payout of $125 million and a potential earnout in 2024 of $22 million, thrust Piovan strongly into the North American market. The IPEG fleet of companies included the brands Conair, Thermal Care, Pelletron and Republic Machines.
With the sale, those brands have been folded into the Piovan family, bringing the company close to 800 new employees, a vast majority of them on U.S. soil. The company now has operations in 40 countries and joint venture partnerships in others.
But as importantly, the company gained a major touchstone in the U.S. market, imparting the Piovan name and culture across the Atlantic. Zuppichin has high hopes that the new market will be a growth leader for Piovan. Previously, the company did not have the infrastructure in North America to support its long-term vision of servicing customers worldwide.
"We had strong experience in Europe but not in North America," he said. "We believe that the U.S. will grow significantly in the next few years. Now, we are American."
The acquisition close to doubles Piovan's size — the company has 1,200 employees before the deal — but brings its challenges of integrating new brands and companies that previously operated independently under the parent IPEG umbrella. Zuppichin said he would not have bought the IPEG companies if the work culture was not already similar to that of Piovan's.