Product category:
Printing Ink, Chemicals and Pressroom Consumables
News Release from: Flint Ink
Edited by the Printingtalk Editorial
Team on 25 July 2005
Flint Ink To Merge With Xsys
Flint Ink Corporation and XSYS Print Solutions in Stuttgart (Germany) have agreed to merge.
Flint Ink Corporation and XSYS Print Solutions in Stuttgart (Germany) have agreed to merge The merged group will rank amongst the largest ink companies in every region it serves
This article was originally published on Printingtalk on 28 Jan 2004 at 8.00am (UK)
Related stories
Improved Sheetfed Inks From Flint Schmidt
Flint-Schmidt has improved the formulations of its Arrowstar sheetfed ink for folding carton printers, converters and general commercial printers.
Flint Launches Water Ink Revolution
Flint Ink has launched what it claims to be a revolutionary, highly concentrated colour technology for water inks called X-Treme Dispersions.
The new group will have an employee base of 8,000 people and combined revenues of approximately US$ 2.6 billion (EUR2.1 billion) based on 2004 figures.
Flint Ink is the largest privately-owned ink manufacturer in the world.
XSYS was formed by the merger of BASF Printing Systems and ANI Printing Inks following their respective acquisitions at the end of 2004 by funds advised by CVC Capital Partners (CVC), an independent private equity firm.
Further reading
Flint UV And Conductive Inks At Drupa
Flint Ink Corporation will launch its newest ink systems for commercial, publication, packaging, digital and printed electronics applications at Drupa 2004.
Sweet Scent Of Success For New Inks?
Flint Ink has launched new Rub'nSmell scented inks to extend the enticing scents of products to consumers to drive brand sales at the point-of-purchase.
Completion of the transaction remains subject to approval, where necessary, by regulatory and competition authorities but subject to receiving such approvals, it is expected to be finalised on or around September 30.
The new company will be jointly owned by CVC funds and the management of both companies.
Flint Ink and XSYS employees were notified of the agreement yesterday.
Flint Ink said that the management teams from the participating companies are enthusiastic about the prospects of the merged group.
Dave Frescoln, currently chief executive officer of Flint Ink, will become chief executive officer of the new group.
Peter Koivula, chief executive officer of XSYS, will become vice chairman of the new company, with special board responsibilities for strategic matters and the relationship with major customers at a senior level.
Meanwhile, Howard Poulson, non-executive chairman of XSYS, will assume the same function within the combined group.
Dr Christian Wildmoser, managing director of CVC, commented: "By building the second largest ink manufacturer in the world, Flint Ink, XSYS and CVC are creating a stronger competitor better placed to serve customers in a fragmented market, where size is of critical importance for the success of the business.
We are continuing to globalise the businesses following the needs of our customers in the printing industry." He added: "The transaction will significantly strengthen the combined group's positions in each of its core inks segments.
The two companies have a 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.
The transaction puts the combined group in an excellent position to further drive growth to the benefit of customers, employees and shareholders." Banc of America Securities advised Flint Ink on the transactions.
Goldman Sachs and JP Morgan advised XSYS.
The debt facilities to support the merger of the combined group have been arranged by CIBC World Markets and JP Morgan as joint mandated lead arrangers and bookrunners.
Shearman and Sterling represented Flint Ink, Sullivan and Cromwell and Clifford Chance represented XSYS and CVC, White and Case acted for the Schmidt and Kalden families.
• Flint Ink: contact details and other news
• Email this article to a colleague
• Register for the free Printingtalk email newsletter
• Printingtalk Home Page
Search the Pro-Talk network of sites
