The specialty chemicals Group ALTANA has entered into an agreement to acquire the business of the 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. 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.
“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.”