MacDermid Enters into a Sale Agreement for Its Printing Blankets
Press release from the issuing company
DENVER - March 18, 2008 -- MacDermid, Incorporated announced today that it has entered into an agreement to sell its Offset Printing Blankets business to Trelleborg AB of Sweden. MacDermid's Offset Printing Blankets business consists of approximately 400 employees with operations in the US, Europe, and Asia. 2007 net sales related to this business were approximately $90 million.
Trelleborg AB is a global industrial group with 2007 sales of approximately SEK 31 billion and over 25,000 employees operating in 40 countries. In 2006, Trelleborg AB purchased Reeves Brothers, which was their entry into the Offset Printing Blankets business.
Dan Leever, MacDermid's Chairman and CEO, stated "Since the closing of the MBO, MacDermid has been strategically reviewing its portfolio of businesses to insure they all fit the "asset lite-high touch" business model, which is uniquely focused on the dual strategy of R&D, applications innovation and technical service. The process started last November with the sale of ColorSpan to HP and continues today with this latest divestiture. The Offset Blankets business came to MacDermid with the 1999 acquisition of Polyfibron Technologies Inc (PTI) and complemented our Packaging Business for the past several years. Trelleborg AB holds leading positions in advanced polymer technologies with in-depth application know- how. This is a strategic win for both MacDermid and Trelleborg. We believe this transaction will benefit the employees and customers of the blankets business. MacDermid remains fully committed to the flexo plates businesses for packaging and newspapers."
The sale is subject to approval by the appropriate regulatory authorities and certain other closing conditions. MacDermid expects the transaction to close sometime in Q2 2008.
Please feel free to contact Tom McGonagle at (720) 479-3090 with any questions.
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