GERMANY (News release) -- Voith is planning on acquiring 90% of the shares in Toscotec S.p.A. Both parties agreed not to disclose the purchase price. The closing of the transaction is anticipated to occur at the first half of 2020 and is subject to regulatory approvals and meeting of other usual closing conditions.

"Especially in the tissue range, Toscotec is a highly regarded and established company that strengthens our offering in this important growth area. With this acquisition, Voith can expand its position as a full-line supplier in all areas of the paper industry and gains a tradition-rich, powerful and agile unit," says Andreas Endters, President & CEO Group Division Voith Paper, explaining the significance of the takeover.

Toscotec S.p.A. is a global supplier of systems, products and services for the paper industry with headquarters in Lucca, Italy. Toscotec S.p.A. employs around 200 people and generates a turnover of approximately Euro 100 million.