ARMOR decided to strengthen its position in the growing sub-continent by acquiring Intercode and its site in Delhi. The Thermal Transfer business of ARMOR has been posting double-digit growth in India, higher than the market average of approximately 10%. ARMOR is accordingly establishing greater proximity with customers in the north of the country while continuing to serve the south from its existing slitting site in Bangalore. The acquisition consolidates ARMOR’s position as local market leader, estimating to be able to increase market share from 30% to 50%.
“The acquisition of Intercode marks a further step in the group’s co-industrialization model, which is the reverse of offshoring. By increasing our market share in Asia, and particularly in India, for thermal transfer ribbons used in the printing of variable information on packaging and barcode labels, we increase production in France of semi-finished product reels,” said Hubert de Boisredon, CEO of ARMOR.