Merged entity "will have a strong presence in the world's growth markets."?
The European Commission and US Federal Trade Commission (FTC) have approved the acquisition of Flint Ink by European-based XSYS Print Solutions and the merger of the two companies. The new entity will be co-owned by CVC Capital Partners"?the European private-equity firm that owns the majority of XSYS"?and the company's management, and will have combined revenues of approximately $2.6 billion and 8,000 employees worldwide. David Frescoln, CEO of Flint Ink, will become CEO of the new group.
"The transaction will significantly strengthen the combined group's positions in each of its core inks segments," says Christian Wildmoser, CVC's managing director. "The two companies havea perfect regional fit with regard to operations in North America and Europe as well as a complementary product mix. Flint Ink's presence in Asia means that the merged entity will have a strong presence in the world's growth markets."
Based in Ann Arbor, MI, Flint Ink was founded in 1920. The company offers a range of inks and equipment, including inkjet and UV-curable inks. It launched Jetrion LLC in 2003 to provide ink, hardware, software, and services for industrial applications of continuous inkjet and drop-on-demand inkjet technologies. In 2005, it launched Progressive Color Media LLC, to provide to printers, designers, publishers, and others a range of workflow color-management solutions integrating hardware, software, and services. Jetrion and Progressive Color Media merged operations earlier this year.
XSYS, headquartered in Stuttgart, Germany, was formed in late 2004 by the merger of BASF Printing Systems and ANI Printing Inks, following their acquisition by CVC that same year. Its six divisions include: Pigments & Resins, Narrow Web, Packaging Inks, Printing Plates, Publication Inks, and Sheetfed Offset.
The deal is expected to be finalized at the end of September. (XSYS: www.xsys-printsolutions.com, Flint Ink: www.flintink.com, Jetrion: www.jetrion.com, Progressive Color Media: www.procolormedia.com)