- Leading manufacturer of specialty water-based and UV inks in North America
- Consolidated sales of about $34 million (€27 million) in 2008
- Consequent strategic move for ACTEGA Division
The specialty chemicals Group ALTANA has entered into an agreement to acquire the business of the North American company Water Ink Technologies, Inc. The company produces primarily water-based and UV inks, coatings and varnishes for narrow web applications at three sites in North Carolina (U.S.). Among others, these applications are used for packaging printing and labels. In addition, Water Ink Technologies provides extensive customer service through several mixing stations in the U.S. and Canada. With consolidated sales of about $34 million (€27 million) in 2008 and almost 150 employees, the company is one of the leading manufacturers of the mentioned products in North America. With the acquisition of Water Ink Technologies, ALTANA underlines its continued commitment to complement organic growth also with selected acquisitions as it did successfully in the past. Within the Group, Water Ink Technologies will be integrated into the ACTEGA Coatings & Sealants division under the new name ACTEGA WIT. The existing Water Ink Technologies management team, under the leadership of Michael C. and Patrick S. Hague, will continue to run the operations also under the roof of ALTANA.
Strengthening of ACTEGA; synergetic effects within ALTANA
"The acquisition of Water Ink Technologies underlines that even and especially in difficult economic times we are fully committed to continue our growth course through suitable acquisitions and to further create value for the company," stated Dr. Matthias L. Wolfgruber, CEO of ALTANA. "The company fulfills our strict acquisition criteria in an exemplary way; it is not only an excellent strategic match, but will also further enhance our profitability."
"For ACTEGA the acquisition of Water Ink Technologies means a sustained strengthening and the expansion of our market position in the specialty segment of narrow web printing with water-based as well as UV-curing coatings and inks," said Dr. Guido Forstbach, President Division Coatings & Sealants, adding that there would also be synergetic effects with other business fields of ALTANA. "The acquisition is therefore not only positive for ACTEGA, but also opens opportunities for further development of other divisions."
"I am pleased that with ALTANA we found an excellent new parent for our business," stated Michael C. Hague, President of Water Ink Technologies. "ALTANA stands for a clear strategy, stability and continuity. I am convinced that we will prosper and our success story will continue under its new owner. ALTANA's global presence and its competence in the graphics industry are an excellent basis to expand our product offering and our business also in Europe and Asia.
This press release contains forward-looking statements, i.e. current estimates or expectations of future events or future results. These statements are based on beliefs of ALTANA as well as assumptions made by and information currently available to ALTANA. Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made.
About ALTANA:
ALTANA develops and produces high-quality innovative products in the specialty chemicals business. The ALTANA Group, with headquarters in Wesel/Germany, is a genuine "global player" with 83% of its sales generated by international activities. The ALTANA Group has four divisions: BYK Additives & Instruments, ECKART Effect Pigments, ELANTAS Electrical Insulation, and ACTEGA Coatings & Sealants. All of these divisions occupy a leading position in their target markets with respect to quality, product solution expertise, innovation and service.
ALTANA offers innovative, environmentally compatible solutions with the matching specialty products for coating manufactures, paint and plastic processors, the printing and cosmetic industries, and the electrical and electronic industry. The product range includes additives, special coatings and adhesives, effect pigments, sealants and compounds, impregnating resins & varnishes, and testing and measuring instruments.
At present, the ALTANA Group has 33 production facilities and 46 service and research laboratories worldwide. Throughout the group 4,700 people work to ensure the success of ALTANA worldwide. In 2008 ALTANA achieved sales of about 1.3 billion euros. Its impressive earning power and high growth rate make ALTANA one of the most successful and innovative chemical groups worldwide.