Presstek Completes Purchase of Precision Lithograining Corp.
Press release from the issuing company
HUDSON, N.H., July 30 -- Presstek, Inc., a leading manufacturer and marketer of environmentally responsible high tech digital imaging solutions for the graphic arts and laser imaging markets, today announced that Precision Lithograining Corporation of South Hadley, Massachusetts ("Precision") has met the closing conditions of its sale to Presstek, and the parties have closed the transaction.
Prior to Presstek's acquisition, Precision Lithograining Corporation was 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 the chemistry-free Anthem, Freedom and Aurora plates, as well as other conventional and digital printing plates for both web and sheetfed printing applications. The companies will maintain their respective operations, with Precision operating as a wholly owned subsidiary of Presstek.
Presstek's Chief Financial Officer Moosa E. Moosa, "The closing price is approximately $12.3 million and will be paid in cash. Presstek has no plans at the present time to initiate any stock offerings in connection with this acquisition or other acquisitions in progress."
Presstek's President and CEO Edward J. Marino said, "We are very pleased to announce the closing of our acquisition of Precision. We believe this acquisition will provide Presstek with the capability to grow our chemistry- free and process-free market position, as well as leverage Precision's strong conventional plate business. We would like to welcome Precision's employees, customers and vendors into the Presstek family. We look forward to our future together."
Precision's former Vice President and new General Manager of Presstek's Precision Business Unit, Dwight Klepacki said, "Precision is delighted to become a part of the Presstek family. We are looking forward to the exciting opportunities ahead, for both Precision and its customers."
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