The specialty chemicals group ALTANA invests in the Israeli industrial digital printing company Velox Ltd., expanding its technology and investment portfolio in this area. The parties have agreed not to disclose the investment amount.
Velox has developed a digital technology for direct-to-shape packaging decoration (e.g. tubes and cans) on a wide variety of materials at mass production speed and excellent quality, applicable for one-offs to large series production. The enterprise already delivered the first solution to a global plastics tube manufacturer, and secured multiple high-value orders from strategic customers in Europe and USA.
The novel digital printing technology of Velox intersects with numerous activities of the ALTANA Group in the areas of printing and packaging.
“Our investment in Velox is an expression of our strategy of working with young, highly innovative technology enterprises,” says ALTANA member of the management board, Dr. Christoph Schlünken. “At the same time, this commitment will significantly expand our network in the digital printing sector and strengthen our innovative capacity in this important growth market.”
“With ALTANA, we’ve gained a strong, innovative partner for our business model who will help us to develop our digital technology further and bring it to market successfully,” declares Velox CEO and Co-Founder, Marian Cofler.
ALTANA’s investment in Velox is part of the Corporate Venturing activities of the globally active specialty chemicals company. These activities aim at investing in high-growth technology driven companies with materials-based transformative business models as well as ultimately contributing to ALTANA’s sustainable profitable growth.