PiovanGroup acquires a majority stake in Nu-Vu Conair and consolidates its competitive position in India, one of the fastest growing markets in the industry.
The acquisition of an additional 1% equity stake in Nu-Vu Conair Private Ltd. allows PiovanGroup, to reach a collective 51% stake and capture growth in markets such as packaging, automotive, and construction. The transaction is the result of the Group's strategy to consolidate its position in India, localize production to increase penetration and market share, and provide support to local customers in India. Another goal of the Group goal is to support the new local plastic recycling legislation by leveraging its leadership in specific technologies.
Nu-Vu Engineers, located in the Ahmedabad region, was founded in 2005 with the aim of providing innovative and competitive solutions in automation for technical polymer manufacturing in India. Today it is active in the design, production, and sales of automation solutions for the manufacturing sector with high-level technical features and production with technical polymers and industrial cooling solutions.
In 2007, the company formed a joint venture with the Conair Group (which became part of PiovanGroup in 2022 through the acquisition of IPEG), growing rapidly and achieving a leading position in the Indian market. The joint venture, named Nu-Vu Conair Private Ltd. has approximately 250 employees, over €20 million in sales, and a 150,000-square-feet production facility, currently being expanded by an additional 80,000-square-feet.
“We strongly believe in the potential of India, a market which will grow more than any other in the next years. Nu-Vu has done, over these years, a great job in making the company a reputed and credible leader in the local market. We believe that with the joint efforts of Piovan and Nu-Vu in adding technologies and market penetration we would further grow and consolidate the leadership in the whole region”- says Filippo Zuppichin, CEO of PiovanGroup.
“With this transaction we are strengthening our relationship with our partners of PiovanGroup. We are excited to leverage the Piovan’s technology and wide range of product portfolio for exponential growth of Nu-Vu Conair Pvt Ltd. We are committed to serve our customers with latest technology/innovation and ensure the bright future of all the employees of Nu-Vu Conair and stakeholders”- add Bhaumik Patel and Ajay Shah, Indian Shareholders of Nu-Vu Conair Pvt Ltd..