Flint Group Issues Binding Offer to Siegwerk to Purchase Web Offset Business
Thursday, February 18, 2016
Press release from the issuing company
Flint Group, a global solutions provider to the packaging and print media industries has today announced that it has issued a binding offer to Siegwerk to acquire their web offset business. This offer includes the transfer of all technical expertise and product portfolios relating to Siegwerk’s Heatset and Newsink product lines.
“We are very excited by this transaction,” says Antoine Fady,CEO,Flint Group. “This investment confirms our long term commitment to customers in these key market segments and re-enforces our unique offering to the market of inks, press room chemicals and transfer media products.
This commitment guarantees a long term supply position for our Heatset and News Ink customers and further enhances our strong focus on the Print Media and Packaging markets across the world.”
Siegwerk’s decision to sell its web offset business is in line with its strategy to focus on its core business in packaging printing, which is growing globally, and to further build its market leadership in inks and coatings for labels and flexible packaging where the company sees significant potential.
“To ensure the lasting success of our company, we need to clearly devote our resources to serving the markets of tomorrow. We will do so by focusing on our core packaging printing business,” says Siegwerk’s CEO Herbert Forker. “It is here where we see significant growth opportunities particularly within the strongly accelerating Asian markets.”
All 76 permanent employees in Siegwerk’s web offset business will be offered a transfer into other areas within their Siegburg site with Flint Group intending to employ a core team from Siegwerk’s web-offset business after the sale.
The Siegwerk publication gravure business, which manufactures printing inks for high-end magazines, catalogues and commercials, will be continued. Its long-standing expertise and high market share of around 45 percent in Europe give Siegwerk an exceptionally strong market position in this area.
Siegwerk will work closely with Flint Group to ensure that any handover of business is completed without disruption and that the same products and services for the customers of both companies are maintained throughout.
Completion is still subject to customary closing conditions, including approval by the competition authorities.Until such time as approval is granted to proceed, Flint Group and Siegwerk will remain separate entities and continue to manage their organisational affairs independently and without impact to customers, employees or suppliers.
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