Flint Group, a leading global solutions provider to the packaging and print media industries, signed an agreement to acquire Torda, a leading manufacturer of printing inks for the packaging markets in Northern Europe, the Balkans and the Middle East with a substantial presence in Eastern Europe. Torda generated revenues of approximately €23 million in 2009.
“We are delighted about the agreement with Torda. The company’s business model and performance is an excellent fit for our strategy” says Dr. Dirk Aulbert, president of Flint Group’s global Packaging and Narrow Web division. “Torda’s setup, especially in Eastern Europe, the Balkans and the Middle East, ideally complements and expands our network of manufacturing and service facilities into these growth markets.”
“Thanks to its solid product platform and a service focused business culture, Torda is a well-established supplier to the packaging industry with a strong foothold in the food packaging sector,” said Fredrik Danielsen, CEO of Torda, on the announcement. “Ever since we started to look for a partner, we regarded Flint Group as our favorite candidate to join forces with. Flint Group’s leading market positions across the globe, its excellent product portfolio and its strong technical service approach, which we consider a major success factor, provide an ideal platform for further growth. We are confident that our customers will benefit from this transaction getting access to a broader range of specialized products and services.”
This acquisition is the third step of Flint Group to foster its expansion in Eastern European markets within the last twelve months. In 2009, Flint Group acquired the Russian packaging ink manufacturer and distributor Premo Inks. In January 2010, Flint Group announced the expansion of its packaging inks manufacturing operations in Poland to meet increased demand.
Charles Knott, CEO and chairman of Flint Group, concluded, “The acquisition of Torda supports our strategy to grow in the packaging print consumables market in a sustainable and profitable way by strengthening our position in the faster growing markets. Moreover, Torda has some excellent technology positions which we will be able to leverage throughout the global Flint Group Packaging organization.”
The transaction is expected to close by the end of March 2010, subject to the approval of the antitrust authorities. Financial terms have not been disclosed.