The acquisition is the latest in a succession of strategic acquisitions by the €2.3bn (US$3.4bn) Luxembourg-headquartered Flint Group which operates more than 170 facilities worldwide and employs some 8300 people.
The latest agreement includes the intangible assets, sales, marketing and distribution channels of Siegwerk in both Australia and New Zealand.
Siegwerk’s product range embraces flexible packaging (film and foil), sheetfed, decorating inks and coatings and the acquired business in Australia and New Zealand has annual sales of around €25m (A$42.57m; NZ$48.44m).
The transaction is expected to be completed by the end of April 2008, subject to approval by the Australian Competition and Consumer Commission. Financial terms were not disclosed.
Flint Group lays claim to being the number one or number two supplier in every major region it serves. It supplies the global printing, converting, graphic arts and colour consuming industries with five specialised business units:
- Flint Group’s ink companies develop and market a wide range of conventional and UV printing inks on a global basis, with regional operations providing local service throughout the world;
- Flint Group Flexographic Products specialises in photopolymer printing plates, flexographic sleeve systems as well as washout solvents and platemaking equipment;
- Flint Group Narrow Web is dedicated to the narrow web ink market, including labels, product decoration and package printing;
- Flint Group Pigments produces a range of pigment products and additives for use in inks and other colourant applications; and
- Day International develops and distributes offset printing blankets and sleeves, pressroom chemicals and diecutting supplies.
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