Oil prices edged up on Tuesday, following a 5 percent drop in the previous session, as high global production and a weakening economic outlook in Asia prompted analysts to warn of further falls. Oil output by the Organization of the Petroleum Exporting Countries (OPEC) reached the highest monthly level in recent history in July, and production could rise further if Iran achieves a plan to raise output by 500,000 barrels per day (bpd) as soon as sanctions are lifted. With U.S. production also near records and China's economy showing further signs of slowing, prices on Monday were pulled down close to the six-year lows touched at the start of 2015 and Brent fell below $50 per barrel for the first time since January. It has spent over 90 percent of the past decade above the $50 mark. Although prices rose on Tuesday, with Brent 35 cents higher at $49.87 a barrel by 0647 GMT and U.S. crude up 47 cents at $45.64 a barrel, analysts said more falls were expected.
International technology Group ANDRITZ has signed a contract for the acquisition of Novimpianti Drying Technology S.r.l., a company owned by Novigroup S.r.l. and based in Lucca, Italy. Novimpianti has approximately 40 employees and generates annual sales of approximately 10 million euros.
Novimpianti is a global supplier of engineered equipment and services for air and energy systems to the paper industry’s leading manufacturers. For ANDRITZ, the acquisition of Novimpianti further strengthens its product offerings in the field of air and energy systems, mainly for tissue and paperboard machines. “We are very excited about this complementary acquisition that extends the ANDRITZ market coverage and product range in Tissue and Paper,” says Michael Pichler, SVP and ANDRITZ Global Paper and Tissue Division Manager.
Novimpianti’s CEO, Pietro Saccomano, comments: “The ambitions of ANDRITZ to further grow in the tissue and paper business and their international position were decisive for the decision to hand over our company and know-how to them. The sale of Novimpianti will grant ANDRITZ continuous growth in the area of air and energy systems based on the solid foundation we have built during the past decades.”