Auxiliary equipment maker Piovan SpA says it will acquire a number of selected assets from Germany-based Protec Polymer Processing GmbH.
Protec went into administrative receivership in November 2022. Since then, the company with about 100 employees — previously known as Somos — has continued to operate normally. Immediately upon the company's entering into receivership, insolvency administrators initiated a search for investors, reportedly receiving several expressions of interest from parties interested in acquiring the assets of the company.
For the Piovan Group, whose activities align well with those of Protec, the acquisition has tactical significance. It will allow it to considerably strengthen its presence in Germany, "Europe's reference market for plastics" Piovan officials said, specifically in the critical strategic after sales services segment.
The deal covers assets previously belonging to Protec’s material handling, dosing and recycling divisions — all markets in which the Piovan Group is active. Among others, Piovan produces systems for automating production processes with plastic, recycled plastic and bio-plastic materials.
The assets acquired from Protec will be integrated into FDM, a Piovan company that supplies dosing units, conveying systems, mixing equipment, weighing systems for powder, and outdoor and indoor silos. Piovan said this will serve a triple purpose: not only will it broaden the service and after-sales activities of FDM, but it will also enable customers with old Protec systems to be offered upgrades and retrofits with new Piovan solutions, and provide support to joint customers in the difficult situation caused by the bankruptcy proceedings of Protec Polymer Processing.
By acquiring the recycling assets, Piovan will also be able to supply Protec’s solutions in the recycling field, such as plastic regeneration and crystallization. PIovan had already been working on developments to enter this space.
“Protec, previously Somos, is among the oldest European companies operating in automation for plastics and recycling plastics industry, with a large installed base of unique solutions and a well-established customer base,” said Filippo Zuppichin, CEO of Venice-based Piovan Group, in a news release. “It is a great honor and responsibility for Piovan Group and FDM to continue such an important tradition and offer their customers the possibility of enjoying such a long technological partnership.”
For FDM, the acquisition will enable it to provide continuity to longstanding customers, as well as to further build its service offering, according to Guido Faust, general manager of FDM. “We are pleased to be able to offer all customers the usual service in the field of service and spare parts supply.”