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07-17-2009: The specialty chemicals Group ALTANA has
entered into an agreement to acquire the business of the North American company
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 (U.S.). 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. 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.“
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