Flint Ink Corporation and German ink manufacturer Gebrüder Schmidt GmbH announced the successful closing of their merger and acquisition, which was first presented April 9, 2002 at IPEX in Birmingham, U.K. Flint Ink’s European operations and Gebr. Schmidt have now combined to form Flint-Schmidt GmbH & Co. KG, one of the largest European ink companies.
Headquartered in Frankfurt/Main, Germany, the new Flint-Schmidt organization has a significant market share in Germany, a combined workforce of approximately 1,400 employees and revenues of approximately E450 million. As part of the agreement, Gebr. Schmidt’s operations in Canada were acquired and will immediately become part of Flint Ink North America.
Jim Mahony, president of Flint Ink Europe, now serves as CEO of Flint-Schmidt and is responsible for driving the integration of the company. Dr. Helmut Schmidt, who was managing director and a principal shareholder of Gebr. Schmidt GmbH, is now COO.
“Our global customer base will benefit from our companies’ combined resources and economies of scale,” said Mr. Mahony. “Together we will concentrate on serving all our customers with a special focus on the eastern European region, where we see considerable opportunity for growth.”
“Our company is now in a strategic position to gain a significant share of the European market,” added Dr. Schmidt. “The rapid closure of this merger and acquisition underscores our continuing commitment to focus on providing customers with solutions that enable them to gain a competitive advantage.”