Piovan to acquire IPEG for $150m.

Piovan, a developer and producter of industrial automation systems for storage, conveying and processing of plastic, agreed to acquire IPEG, a US industrial group comprised of the four brands Conair, Thermalcare, Pelletron and Republic Machine, for $150m. "We are particularly pleased and proud to combine our skills with those of the IPEG Group, creating the global leader in industrial automation in the plastics sector. Two years ahead of schedule, we have doubled our size since the year of the IPO and we are confidently prepared to meet future challenges and to take advantage of any further aggregation opportunities that may arise," Nicola Piovan, Piovan Executive Chairman.