DruckChemie, the German print chemicals group that went into administration in September is to be acquired by Langley Holdings plc, the UK industrial group.

Contracts were signed on 7 November and the deal is awaiting cartel clearance, which is expected imminently.

DruckChemie has annual revenues of circa €75 million and around 300 employees and is Europe's leading print chemicals producer, with locations throughout Europe. The company also has operations in Brazil.

Langley has made numerous acquisitions of under-performing businesses over the last two decades, evolving into a near billion euros revenue group employing over 4000 people in over 70 countries.

The group is entirely debt free and prides itself on having never sold any company it has acquired.

Langley entered the print sector in January 2012 with the acquisition of Manroland Sheetfed, the German press builder.

A spokesman for Langley said:

"We are delighted to have reached agreement to acquire DruckChemie, the company compliments our Manroland press business and further demonstrates our commitment to the sector"