£13m Deal To Acquire Chemistry-Free Plate Company

Edited by the Printingtalk editorial team Jun 21, 2004

Presstek and Precision Lithograining Corporation (Precision), the manufacturer of Anthem, Freedom and Aurora chemistry-free printing plates, have signed an agreement for Presstek to acquire Precision

Presstek and Precision Lithograining Corporation (Precision), the manufacturer of Anthem, Freedom and Aurora chemistry-free printing plates, have signed an agreement for Presstek to acquire Precision in a cash transaction valued at approximately $13 million.

Subject to customary closing conditions, the acquisition is expected to be completed in the third quarter of 2004.

The companies are planning to maintain their respective operations, with Precision operating as a wholly owned subsidiary of Presstek.

Located in South Hadley, Massachusetts (USA), Precision Lithograining Corporation is one of the largest independent plate manufacturers in North America and Presstek's manufacturing partner for its Anthem and Freedom printing plates.

Its plate product portfolio includes conventional and digital printing plates for both web and sheetfed printing applications.

Presstek's President and chief executive officer Edward J.

Marino said: "We are delighted to announce this agreement with one of our very successful long-term partners.

Precision is an excellent company that has served Presstek and its growing customer base very well.

We intend to build on that solid foundation." Marino continued, "This acquisition is specifically designed to solidify Presstek's leadership in the growing process-less plate market." The move is expected to provide Presstek with the capability to further grow its chemistry-free and process-free market position through the strength of the Anthem family of plate products, he added.

Presstek's chief financial officer Moosa E.

Moosa commented: "Precision has a strong conventional plate business with several well recognised business partners, graphic arts dealers and customers.

The conventional business does not overlap with Presstek's digital businesses and so offers us a unique growth opportunity for our technology." Precision's president Edward Klepacki, Jr.

said, "We believe Presstek's strong financial footing will allow us to expand the market for our full range of plate products.

The combined companies will be able to offer printers a wide array of quality plate products.".