Flint Ink and XSYS Print Solution Transaction Official
October 2005
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ANN ARBOR, Mich.—The acquisition of U.S.-based Flint Ink Corporation by German-based XSYS Print Solutions was completed on 30 September 2005. The transaction closed following the August approval of the acquisition and subsequent merger by regulatory authorities in Europe and the U.S. The merger will lead to creation of a stronger, global supplier to the graphics and packaging industries with revenues of about $2.6 billion/€ 2.1 billion (based on 2004 results). The new entity will have approximately 8,000 employees in 160 sites in 35 countries, and will rank as the number one or number two supplier in every major region it serves.
XSYS Print Solutions was formed at the end of 2004 through the merger of BASF Printing Systems and ANI Printing Inks, following their respective acquisitions by funds advised by CVC Capital Partners (CVC), a leading independent private equity firm.
Founded in Detroit, MI, in 1920 by the Flint family, Flint Ink was previously the world's largest privately-owned ink manufacturer. Flint-Schmidt, the company's European group, was created by the merger of Flint Ink Europe and Druckfarbenfabrik Gebr. Schmidt GmbH in 2002.
The Flint Ink/XSYS merger includes all facilities and activities of the two businesses, including inks for publication, packaging, news, commercial and narrow web applications; printing plates; pigments, dispersions and resins; and digital and other emerging business units.
An experienced integration team representing both companies will ensure that the integration process, which has already started, is completed as soon as possible. The process of finding a new name for the combined company is underway.
Dave Frescoln, CEO of Flint Ink, who has been named CEO of the combined company, commented on the future of the new organization: "The printing ink industry has remained fragmented at a time when our customers have expanded geographically to increase market reach while consolidating production to strengthen their market positions. Having the necessary size and reach to meet the demands of these global customers is absolutely critical if we are to remain a strong competitor in the future. By realizing the synergies of complementary product portfolios, regional representation, unsurpassed technical talent and a strong management team, the new company is well positioned to meet the continuing challenges of customer demands in a rapidly changing, worldwide market place."
XSYS Print Solutions was formed at the end of 2004 through the merger of BASF Printing Systems and ANI Printing Inks, following their respective acquisitions by funds advised by CVC Capital Partners (CVC), a leading independent private equity firm.
Founded in Detroit, MI, in 1920 by the Flint family, Flint Ink was previously the world's largest privately-owned ink manufacturer. Flint-Schmidt, the company's European group, was created by the merger of Flint Ink Europe and Druckfarbenfabrik Gebr. Schmidt GmbH in 2002.
The Flint Ink/XSYS merger includes all facilities and activities of the two businesses, including inks for publication, packaging, news, commercial and narrow web applications; printing plates; pigments, dispersions and resins; and digital and other emerging business units.
An experienced integration team representing both companies will ensure that the integration process, which has already started, is completed as soon as possible. The process of finding a new name for the combined company is underway.
Dave Frescoln, CEO of Flint Ink, who has been named CEO of the combined company, commented on the future of the new organization: "The printing ink industry has remained fragmented at a time when our customers have expanded geographically to increase market reach while consolidating production to strengthen their market positions. Having the necessary size and reach to meet the demands of these global customers is absolutely critical if we are to remain a strong competitor in the future. By realizing the synergies of complementary product portfolios, regional representation, unsurpassed technical talent and a strong management team, the new company is well positioned to meet the continuing challenges of customer demands in a rapidly changing, worldwide market place."
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