Presstek to Acquire Precision Lithograining Corp.
July 2004
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Presstek to Acquire Precision Lithograining Corp.
HUDSON, N.H., June 3 -- Presstek, Inc., a leading
manufacturer and marketer of environmentally responsible high tech digital
imaging solutions for the graphic arts and laser imaging markets, and
Precision Lithograining Corporation ("Precision"), the manufacturer of the
industry leading Anthem, Freedom and Aurora chemistry-free printing plates,
today announced that the companies have signed an agreement for Presstek to
acquire Precision in a cash transaction valued at approximately $13 million.
Subject to customary closing conditions, the acquisition is expected to be
completed in the third quarter of 2004. The companies are planning to
maintain their respective operations, with Precision operating as a wholly
owned subsidiary of Presstek.
Located in South Hadley, Massachusetts, Precision Lithograining Corporation
is one of the largest independent plate manufacturers in North America and
Presstek's manufacturing partner for its Anthem and Freedom printing plates.
Precision's plate product portfolio includes conventional and digital
printing plates for both web and sheetfed printing applications.
Presstek's President and CEO Edward J. Marino said, "We are delighted to
announce this agreement with one of our very successful long-term partners.
Precision is an excellent company that has served Presstek and its growing
customer base very well. We intend to build on that solid foundation."
Marino continued, "This acquisition is specifically designed to solidify
Presstek's leadership in the growing processless plate market. The move is
expected to provide Presstek with the capability to further grow its
chemistry- and process-free market position by leveraging the strength of
our Anthem family of plate products. Presstek's Anthem and Freedom plates,
along with Precision's Aurora branded plate, are the industry benchmarks for
chemistry-free plate technologies, we believe that these products hold
significant long-term growth potential for Presstek."
"In addition," said Presstek's Chief Financial Officer Moosa E. Moosa,
"Precision has a strong conventional plate business with several well
recognized business partners, graphic arts dealers and customers. The
conventional business does not overlap with Presstek's digital businesses
and so offers us a unique growth opportunity for our technology."
Precision's President Edward Klepacki, Jr. said, "Precision is very pleased
to be able to join forces with Presstek. We believe Presstek's strong
financial footing will allow Precision to expand the market for our full
range of plate products. The combined companies will be able to offer
printers a wide array of quality plate products."
Precision's Vice President Dwight Klepacki added, "Presstek has a strong
tradition of innovation and technology development. We believe the combined
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