Product category:
Printing Pre-Press Systems and Materials (Repro, Platemakers, CTP, Workflow, Document Management, Design Software, etc.)
News Release from: EFI
Edited by the Printingtalk Editorial
Team on 21 April 2005
Vutek Wide Format Inkjet Producer Bought
By EFI
EFI has signed an agreement to acquire privately held Vutek Inc, the provider of superwide format digital inkjet printers, for approximately $281 million in cash.
EFI has signed an agreement to acquire privately held Vutek Inc, the provider of superwide format digital inkjet printers, for approximately $281 million in cash EFI expects the transaction to close early in the third quarter of this year, subject to regulatory approval
This article was originally published on Printingtalk on 11 Jan 2006 at 8.00am (UK)
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The acquisition is expected to add approximately $72 million in revenue and $0.11 in pro forma diluted earnings per share in the second half of the year.
The company expects second half GAAP results to include acquisition related charges in an amount to be determined upon completion of the customary valuation exercise.
Guy Gecht, EFI's chief executive officer, said: "Vutek will be an excellent addition to EFI's range of systems for the commercial print market.
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Vutek is the sales leader in the growing segment of superwide format digital inkjet printing.
There are many natural synergies between EFI's core expertise in digital printing innovation and Vutek's digital inkjet technology and we are both leaders in the continuing industry transition from analogue to digital printing.
With Vutek's profitable business model, we expect this acquisition to provide EFI with new revenue streams in the future." Art Cleary, Vutek's co-founder, commented: "We are excited to become part of the EFI team as their worldwide reputation, deep industry relationships and financial stability will allow us to gain greater market reach and provide our valued customers with an even higher quality of service.
Our customers and employees will also benefit from EFI's culture of innovation, allowing us to remain on the leading edge." Vutek is based in Meredith, New Hampshire (USA) and has 330 employees globally.
In 2004, Vutek reported revenues of $130 million.
Vutek's printers and inks are used to produce point of purchase (POP) displays, advertising, posters, billboards and other 'out of home' graphics up to five metres in width.
Vutek's customers include commercial printers, screen printers, photo laboratories, sign shops and reprographic houses.
The company's machines print on a variety of surfaces including paper, vinyl, corrugated, textile, glass, plastic and nearly any other substrate up to two inches thick.
The company has separately announced that results for the quarter ended March 31 are expected to be in-line with the guidance provided on January 26.
First quarter results were due to be discussed, as previously announced, yesterday.
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