Baldwin to Acquire Kompac Business, Continues Accessories/Controls Focus
Press release from the issuing company
SHELTON, Conn.-- Aug. 29, 2001--Baldwin Technology Company, Inc. announced today that it has signed a non-binding letter of intent to acquire the Kompac business of Varn International, Inc.
"The proposed acquisition of Kompac is another in a series of steps that are underway to strategically focus Baldwin's assets and capabilities on the accessories and controls market. Kompac's dampening systems business, and its excellent reputation in the small and medium size press marketplace, complement and extend Baldwin's product and market coverage. This is a great addition to all of those Baldwin products in the market that have been making measurable quality and productivity differences in pressrooms around the world for many years,'' said Gerald Nathe, Chairman and CEO of Baldwin Technology.
"The sale of Kompac enables Varn to focus more of our resources on our core pressroom chemicals operations,'' said Steven Wilson, President of Varn International, Inc. "I am very proud of the Kompac associates and the industry leadership position we have developed over the years. The sale to Baldwin will allow Kompac to continue to build on that industry leadership position.'' The closing of the transaction is expected to occur within the next two months, subject to completion of a definitive agreement.
Baldwin Technology Company, Inc. is a leading global manufacturer of accessories and controls for the printing industry. The Company offers its customers a broad range of products designed to enhance the quality of printed products and increase the productivity and cost efficiency of the printing process while addressing environmental concerns and safety issues. Baldwin's products include cleaning systems, fountain solution and ink control systems, spray dampening systems, web control and press protection systems, drying systems, and newspaper inserter equipment.
Varn International, Inc. is a leading manufacturer of pressroom chemicals for use in the printing industry and is a wholly-owned subsidiary of Day International Group, Inc.
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