Flint Ink and XSYS Print Solutions to Merge

Aug 4, 2005 5:38 PM

Flint Ink Corp. (Ann Arbor, MI) and XSYS Print Solutions (Stuttgart, Germany) have agreed to merge. The group will rank among the largest ink companies in every region it serves, with an employee base of 8,000 and combined revenues of approximately $2.6 billion, based on 2004 figures.

Flint Ink is the largest privately-owned ink manufacturer in the world. XSYS Print Solutions 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, an independent private equity firm.

Completion of the transaction remains subject to approval by regulatory and competition authorities, and it is expected to be finalized near the end of September 2005. The new company will be jointly owned by CVC funds and the management of both companies.

Flint Ink CEO Dave Frescoln will become CEO of the new group. XSYS CEO Peter Koivula 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. Howard Poulson, non-executive chairman of XSYS, will assume the same function within the combined group. Dr. Christian Wildmoser, managing director of CVC, comments, “We are continuing to globalize the businesses following the needs of our customers in the printing industry. The transaction will significantly strengthen the combined group’s positions in each of its core inks segments. … The transaction puts the combined group in an excellent position to further drive growth to the benefit of customers, employees and shareholders.”

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