Agfa Graphics Acquires The Pitman Company

The Pitman brand to be retained as a wholly owned Agfa Graphics subsidiary

On July 15th, Agfa Graphics announced the acquisition of the assets (with the exception of some employee benefit plans) of the Harold M. Pitman Company, a U.S. supplier of prepress, industrial inkjet, pressroom and packaging printing products and systems. The deal is expected to close in about 30 days, pending some closing conditions. The Pitman Company will be operated as a wholly owned subsidiary (or division) of Agfa Graphics, retaining the brand equity Pitman has built over the last century.

Pitman was founded in the early 1900s as a one-man shop manufacturing and selling steel dyes and copper plates to engravers. The company's product portfolio has evolved over nearly 100 years to the robust portfolio and strong industry position it has today. Agfa anticipates that the acquisition will increase its U.S. revenues to more than $500 million with an EBIT contribution in line with Agfa's global businesses (7%). As with most acquisitions, Agfa expects "strong synergies" to be realized from the consolidation of sales forces and reduction of G&A expenses.

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About Cary Sherburne

Cary Sherburne is a well-known author, journalist and marketing consultant whose practice is focused on marketing communications strategies for the printing and publishing industries.

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