The acquisition of U.S.-based Flint Ink Corporation by German-based XSYS Print Solutions was completed Sept. 30, 2005. The transaction closed following the August approval of the acquisition and subsequent merger by regulatory authorities in Europe and the U.S. The merger will lead to creation of a stronger, global supplier to the graphics and packaging industries with revenues of about $2.6 billion/€ 2.1 billion (based on 2004 results). The new entity will have approximately 8,000 employees in 160 sites in 35 countries, and will rank as the number one or number two supplier in every major region it serves.
“The printing ink industry has remained fragmented at a time when our customers have expanded geographically to increase market reach while consolidating production to strengthen their market positions," said Dave Frescoln, CEO of Flint Ink, who has been named CEO of the combined company. "Having the necessary size and reach to meet the demands of these global customers is absolutely critical if we are to remain a strong competitor in the future. By realizing the synergies of complementary product portfolios, regional representation, unsurpassed technical talent and a strong management team, the new company is well positioned to meet the continuing challenges of customer demands in a rapidly changing, worldwide market place.”
In addition to Dave Frescoln, the following individuals have received appointments to positions in the new organization:
• Howard Poulson, non-executive chairman of XSYS, will serve in the same role on the new board of directors.
• Peter Koivula, previously CEO of XSYS Print Solutions, will become vice chairman with special responsibilities for strategic matters and for relationships with major customers at a senior level.
• Mike Gannon, CFO of Flint Ink, will be COO of the new company.
• Mike Bissell, will be executive financial officer of the new company.
The following leadership positions have been announced for the five regional operating groups: Dr. Helmut Schmidt in Europe; Bill Miller in North America; Jerko Rendic in Latin America, Damian Johnson in India/Pacific; and Henry Leong in Asia. In addition, four global business units will be led by the following: Dr. Thomas Telser, printing plates; Ewald Draaijer, narrow web inks; Dr. Frank Scherhag, pigments and resins; and Dr. Kenneth Stack, Jetrion LLC (digital inks, equipment and integration).
Flint Ink and XSYS Print Solutions Merger Completed
Published October 3, 2005