Voith together with Boston Consulting Group Digital Ventures announced an establishment of a digital marketplace for paper industry. The new marketplace has been named merQbiz after Mercury, the Roman god of trade.
According to the announcement, the first product solution from merQbiz is the digital trading platform for recovered paper in the US, initially aimed at market participants of the North American paper industry. The company expects that traders and buyers from pulp and paper mills, paper brokers and recycling companies can directly network with one another in the future and receive all the relevant information on supply and demand. They can also conduct their buying and selling transactions securely on the trading platform.
The trading platform for recovered paper has now been online for around two weeks and has already traded more than 100 tons of recovered paper. The platform is not only for trading recovered paper. It also networks logistics services companies that transport the goods from point A to point B.
Dr. Hubert Lienhard, President and CEO Voith GmbH, commented:
“As an established technology leader with a profound expertise knowledge, we want to make a significant contribution to the digital transformation of the industry – and with the foundation of merQbiz, we at Voith have taken yet another step forward in our digital agenda.”
The merQbiz company has its headquarters in Manhattan Beach, California, USA. John Fox, previous President of Voith Paper in North America, has been named merQbiz CEO.
merQbiz for Voith is another step in becoming one of the significant players of the digital industry. The company plans to invest about EUR 50 million in the setup of the venture by the end of fiscal 2020.
The course for the group’s digital agenda has been already set in April 2016, when Voith founded its new Group Division Voith Digital Solutions. With this, Voith takes three strategic directions: first, supplementing our existing product portfolio with additional, digital capabilities that offer customers extended functions and added value; second, developing new digital solutions in the traditional core markets; and third, developing new products and business models for markets to date not covered by Voith.