Acquisition (7786E)
June 06 2012 - 4:46AM
UK Regulatory
TIDMDNO
RNS Number : 7786E
Domino Printing Sciences PLC
06 June 2012
Domino Printing Sciences plc ("Domino") is pleased to announce
the acquisition of the remaining 80.65% of the equity of Graph-Tech
AG ("Graph-Tech"), taking Domino's holding in Graph-Tech to
100%.
Graph-Tech is based in Switzerland and designs, manufactures and
sells highly innovative digital inkjet equipment including advanced
digital press printers and PC based controller systems.
Domino originally became a shareholder in Graph-Tech in 1999
and, since that time, Graph-Tech has become an increasingly
important partner to Domino. It now supplies Domino's K-Series
product range and the new N600i full colour digital label press as
well as production line controllers and other digital printing
equipment.
The initial purchase price is CHF 18.63m (approximately
GBP12.4m) with additional contingent consideration up to a maximum
of CHF 10m (GBP6.7m). Payment will be satisfied from Domino's cash
resources. An amount of CHF 3.1m (GBP2.1m) has been withheld from
the initial sum; payment of this is subject to the shareholders
remaining employed in the business over a three year period. The
additional contingent consideration is payable to the extent
revenue and unit sales targets are met over a three year
period.
The sellers are Piero Pierantozzi, Walter Urech, Markus
Portmann, Marcel Galliker and Peter Brandenberger. All the sellers
except for Markus Portmann will remain employed by Graph-Tech on
long term employment contracts. Markus Portmann will leave the
company and will become a third party reseller of Graph-Tech
products in North and South America.
Nigel Bond, Group Managing Director of Domino Printing Sciences
plc commented, "Graph-Tech has been a long term partner of Domino.
We have built a profitable digital printing business based on
Graph-Tech's technology. The timing of our acquisition of the
remaining shares in the business coincides with the successful
introduction of our new digital label press products. We believe
these products combined with planned new developments will provide
us with significant opportunity to capitalise on the growth in use
of digital printing technology, in both printing and packaging
applications."
Enquiries
Nigel Bond 01954 781888
Andrew Herbert 01954 781888
This information is provided by RNS
The company news service from the London Stock Exchange
END
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