Agreement solidifies Flint Ink position in Europe
WOLVERHAMPTON, UK (April 9, 2002) - American-owned Flint Ink Corporation has announced a combination merger and acquisition agreement with Gebruder Schmidt GmbH, a major ink manufacturer in Germany. The two companies will merge their European operations, while Flint Ink will acquire Gebr. Schmidt's operations in Canada. The agreement was signed on 5 April and announced by the leadership of the two companies during a press conference on 9 April at IPEX, in Birmingham, England. The transaction is expected to close in May after completion of necessary regulatory approvals.
The merged group will become one of the three largest ink companies in Europe,with revenues of about € 450 million and approximately 1500 employees. The combined business will be named Flint-Schmidt GmbH & Co. KG, based in Frankfurt/Main, Germany.
Gebr. Schmidt is a privately owned ink manufacturer based in Frankfurt/Main, Germany, with a very strong presence in the publication ink market and substantial sales in the packaging and commercial sheetfed segments in Europe. The company has a strong position in Germany, France, Italy, Switzerland, Austria and the Iberian Peninsula. In addition, they have a significant presence in Eastern Europe and Canada.
Mr. Jim Mahony, President of Flint Ink Europe, will become Chief Executive Officer of Flint-Schmidt GmbH & Co. KG, responsible for the overall direction and integration of the company, while Dr. Helmut Schmidt will become Chief Operating Officer of the combined organization. He is Managing Director and a principal shareholder of Gebr. Schmidt GmbH. “Germany is a critical part of the European market,” says Mr. Mahony. “This agreement will strengthen Flint Ink's penetration into Europe in keeping with our global growth objectives. It will make us more attractive to our global customers, and it will also provide greater leverage in the eastern European market, where there is considerable opportunity for growth.”
“This is an excellent opportunity to strengthen our position as a leading European ink manufacturer,” adds Dr. Schmidt. “We believe that access to the resources and worldwide network of Flint Ink Corporation will be advantageous to our customers.”
Notes Mr. H. Howard Flint, II, Chairman and CEO of Flint Ink Corporation, “The fact that both companies have evolved under family ownership suggests some cultural similarities and synergies that can be utilized to create a wider spectrum of products and services.”
Flint Ink is the world's largest privately owned manufacturer of printing inks. Founded in 1920 and headquartered in Ann Arbor, Michigan, USA, the company offers a comprehensive range of sheetfed and web offset, flexographic, gravure, UV/EB curable and digital inks to customers around the globe. Flint Ink Europe, headquartered in Wolverhampton, England, operated as Manders-Premier until its acquisition by Flint Ink in 1998.
Subsequent restructuring, capital investment and the current transaction have positioned Flint Ink Europe to be a leading ink producer in the region. Worldwide, Flint Ink operates more than 100 facilities, employs approximately 4000 people and has sales in excess of $1.4 billion.
Gebruder Schmidt, GmbH was founded in 1878. The company is headquartered in Frankfurt/Main, Germany, and maintains facilities outside Germany in Austria, Poland, Hungary, Portugal, Canada and China. Products include inks for sheetfedoffset, web offset heatset, newspaper, publication gravure, flexo and gravure packaging, UV and EB-cure, and security and banknote printing. The company has approximately 1000 employees, and annual sales of € 250 million.
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