Labels & Packaging
Agfa Graphics has signed an agreement to purchase the assets of the Harold M. Pitman Company, a leading US supplier of prepress, industrial inkjet, pressroom and packaging printing products and systems.
The Pitman Company acquisition substantially increases Agfa Graphics’ revenue in the US to more than $500 million. The incremental EBIT contribution is expected to be well in line with Agfa Graphics’ global 7 percent target. After the closing, Agfa expects further growth of its US top line resulting from the combination of expertise available in both companies. Agfa also expects strong synergies to be delivered from the consolidation of sales forces and the reduction of G&A expenses.
The acquisition will enable Agfa Graphics to significantly strengthen its position in the US printing industry. Pitman’s large customer base and knowledge of the industry will offer immediate and unique growth opportunities for Agfa Graphics’ industrial inkjet and prepress solutions. Agfa Graphics’ addressable market will increase substantially as a result of the acquisition due to the addition of numerous product lines to its offering, including flexographic printing plate solutions for the packaging industry, pressroom products and value added services. Moreover, Agfa Graphics will be able to complement its own developed industrial inkjet offering with the addition of a vast range of media, new inks and wide format printing systems.
Stefaan Vanhooren, Agfa Graphics’ president says: "One of the main drivers behind this decision was the fact that we gain a unique opportunity to significantly grow our inkjet business. One glance at Pitman’s extensive catalogue is enough to understand that we will considerably expand our scope.”
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