ANN ARBOR, MI (July 3, 2002) Flint Ink, the largest privately owned printing ink manufacturer in the world, has signed a joint venture agreement to manufacture printing ink in Beijing, China, The two-part agreement was completed on June 18, and will now be submitted for government approval.
The first part of the agreement creates a joint venture between Flint Ink Corporation and Graphic-Tech, Flint Ink's long-time product distributor in Hong Kong and China. In the second level of the agreement, Flint Ink-Graphic Tech Holding Company Limited becomes a majority partner with four major Beijing newspapers to establish Flint Ink (Beijing) Printing Ink Company Ltd., and build an ink manufacturing plant there.
Participating newspapers are the Beijing Youth Daily, Economic Daily, Workers Daily and Army Daily.
Henry Leong, general manager of Flint Ink Asia, was instrumental in structuring the joint venture. "Beijing is the largest newspaper printing region in China, making it an excellent location for Flint Ink to build a news ink manufacturing center. Our partnership with four large newspapers is very beneficial to both sides. We have an immediate outlet for our products and they have a local supply of high quality products, backed by a world leader in ink manufacture."
In addition to manufacturing news inks from raw materials, the new plant will serve as a blending center for heatset inks.
"China's economy is growing at 7.4% and the printing industry is growing even faster-an annual rate of 10% for the past three years," notes Damian Johnson, President, Flint Ink Asia/Pacific. "Population growth, growing literacy and a much more internationally oriented economy will continue to drive printing growth for the foreseeable future. This joint venture will allow us to enter the market on a solid footing."
Pending regulatory approvals, construction on the plant is expected to begin in the 4th quarter 2002 in the Daxing Industrial Development Area, Beijing, and scheduled for completion in the 4th quarter 2003.
Founded in 1920, Flint Ink offers a comprehensive range of flexographic, sheetfed, web offset, gravure, UV/EB curable, and digital inks. Operations are organized into six geographic regions: North America, Europe, Latin America, Asia/Pacific and CDR Pigments & Dispersions. Flint Ink operates nearly 100 facilities worldwide, employs approximately 5,000 people and has sales in excess of $1.6 billion USD worldwide.
For additional information on Flint Ink's value-added products and services, contact: Rita Conrad, director of corporate communications, Flint Ink: 4600 Arrowhead Drive, Ann Arbor, MI 48105; Tel: 734-622-6362; Fax: 734-622-6131; E-mail: [email protected]
; Internet: www.flintink.com.