Agfa Graphics to Acquire Gandinnovations Assets
"The combination of Gandinnovations' products and Agfa Graphics' products will result in substantial growth for our inkjet business..."
Agfa Graphics has reached an agreement to acquire most of the assets of Gandinnovations Holdings' North American operations and the shares of its principal foreign subsidiaries. Since May 2009, Gandi has been operating under CCAA protection in Canada and Chapter 15 in the USA. The acquisition is subject to regulatory and court approval and the successful closing of the transaction.
“The combination of Gandinnovations' products and Agfa Graphics' products will result in substantial growth for our inkjet business based on an even more complete system portfolio," says Richard Barham, Agfa Graphics' vice president inkjet. “This is an important step in implementing our inkjet growth strategy. As our own portfolio consists of entry-level and high-end inkjet systems, Gandinnovations' mid-range systems are 100-percent complementary fit with our existing inkjet technology."
Gandinnovations' CEO and co-founder Hary Gandy adds: "Joining Agfa Graphics offers Gandinnovations' staff and customers tremendous opportunities for the future. The combined capabilities and coverage in customer service and research and development will accelerate the launch of new products, deliver new business opportunities and further expand our service to our customers.”
Founded in 2001 by Hary and James Gandy, Gandinnovations has its headquarters and its production facilities in Mississauga, Ontario, Canada. The group employs 256 staff and operates worldwide through sales offices and distributors. Agfa reports that Gandi reached a sales peak of $127 million in 2008 that that its sales in 2009 “have strongly suffered from the economic crisis…and the uncertainty surrounding the company.”
Gandinnovations, according to data provided for the 2009-2010 Printer Sourcebook, has eight rollfed and four flatbed/hybrid printers on its roster, including nine UV, two solvent, and one aqueous pigment model.