GERMANY (News release) -- Voith Group successfully completed on the acquisition of Toscotec S.p.A. Technology Group Voith acquired 90% of the shares.

Andreas Endters, President and CEO of Voith Paper, says: "Toscotec's acquisition matches Voith's targets of strategic growth in a perfect way. Toscotec's range of products and services effectively supports our portfolio and further strengthens our position as a full-line supplier in important areas of the paper industry."

Toscotec will continue to offer its portfolio as established. The company will remain entrepreneurial in nature and will operate under the established Toscotec brand. In the area of tissue, Toscotec will carry out the business with new lines and major rebuilds for the whole Voith Group in the future. Voith Paper will continue to serve its delivered tissue machines. All other business activities will remain unaffected, and Voith and Toscotec customers will be able to purchase via their existing sales channels as usual.

Established in 1948, Toscotec specializes in the design and manufacture of machinery and equipment for the production of tissue, paper, and board. Headquartered in Lucca, Italy, and with subsidiaries in China and the USA, Toscotec provides its customers with state-of-the-art technologies and customized solutions from complete production lines to rebuilds and single components.