Schawk Acquires Remaining Interest in the Laserscan Group
Press release from the issuing company
Expanding Market Share in the Asian Imaging Market
DES PLAINES, Ill., May 15 -- Today, Schawk, Inc., North America's leading provider of digital imaging prepress services to the consumer products industry, announced that it had entered into an agreement to acquire the balance of 35% of the outstanding shares of Laserscan, SDN Berhad, a Malaysian corporation. Schawk acquired 65% of Laserscan in August 1999. This transaction would provide Schawk with 100% of the shares of Laserscan. Completion of the transaction is pending approval of the Malaysian government.
Headquartered in Penang, Malaysia, Laserscan also has operations in Kuala Lumpur, Malaysia, Singapore, and China. The Laserscan Group is recognized as the premiere Asian digital imaging prepress services company serving the consumer products packaging market. Its clients include numerous multinational corporations serving the consumer products, food, beverage, hard goods, as well as health and beauty aids industries. It sells services and products to both local Asian domestic and international markets.
Since acquiring controlling interest in 1999, Schawk has consistently increased the amount of international business being manufactured and serviced by Laserscan. This acquisition confirms Schawk's commitment to its clients and to the Asian market. David A. Schawk, president and chief executive officer, commented, "We have invested a significant amount into our Laserscan operations and completion of this transaction assures that this investment will continue. Schawk believes that its Asian market position is solid and with this transaction, justifies further investment in the region."
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