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Nov 1, 2004 12:00 AM
Funds managed by CVC Capital Partners (CVC) (Ludwigshafen, Germany), a leading European private equity firm, have acquired the printing inks and printing plates operations of BASF. The sale covers all BASF printing system facilities and activities, including pigment production at BASF Colorants & Chemicals Co. Ltd. in Shanghai and alkali blue production at BASF Corp.'s plant in Huntington, WV. The details of the transaction have not been disclosed.
According to BASF, this should enable the printing system business to emerge as a leading international supplier in the industry. The first step toward this goal will be the merger with Swedish printing inks manufacturer ANI Printing Inks (ANI) under the CVC umbrella. CVC has also acquired ANI (Trelleborg, Sweden).
CVC managing director Dr. Christian Wildmoser says, “We are making a decisive contribution to consolidation in a fragmented industry by merging BASF Printing Systems and ANI. As a result of the acquisition, BASF Printing Systems will become a core business, and the merger with ANI will ensure that in the future a leading printing systems business will not only be able to maintain its market position, but expand it further.”
The merged business will have its headquarters in Stuttgart, Germany. The takeover of ANI as well as the subsequent merger of the two corporations are subject to regulatory approval.
“The entire European industry is currently in a state of upheaval, making it necessary to give the business a more strongly global thrust,” says Dr. Wolfgang Buechele, director of BASF's Performance Chemicals division also in charge of the BASF Printing Systems business. “By spinning the printing business off, we are endeavoring to give it new prospects to further expand its activities world-wide.”