Within the framework of its ongoing transformation process, the Agfa-Gevaert Group has inked a share purchase agreement with European investment company Aurelius Group for the sale of its offset solutions division.
Under the terms of the agreement, Aurelius Group would acquire the offset business for €92 million, subject to customary working capital and net financial debt adjustments as well as minority share and net pension debt deductions.
Agfa-Gevaert’s offset solutions division is a global supplier to the offset printing industry, offering commercial, newspaper and packaging printers integrated prepress and printing solutions.
The proposed transaction is subject to customary employees’ information and consultation processes, regulatory approvals and closing conditions. Both parties aim to complete the transaction in the first quarter of 2023.
Agfa-Gevaert Group CEO Pascal Juéry said, “The expected sale of the offset solutions division is a major step in our ongoing transformation process. It will enable us to increase our focus on our growth businesses, which is crucial to our future success in our markets.
“After having examined all options, we believe that the proposed transaction is the best possible solution for all stakeholders: the employees working in the division, the customers in the offset industry and our shareholders.”
Agfa Oceania managing director Mark Brindley said the sale of the offset business to Aurelius will not affect operations here in Australia.
“Offset Solutions has a clear strategy in place of ‘value selling’ by offering total solutions aimed at delivering the best cost of ownership to our customers. This focus, along with our product knowledge and support, will continue here in Australia,” Brindley said.
“We are very excited and happy with this move. With Aurelius, we have a group of shareholders who fully endorse our strategy and believe in further growing our offset solutions business. Our customers will continue to experience continuity of sales and service support with regards to Agfa Offset Solutions, and our respective products and solutions.”
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter