XSYS Print Solutions Acquires Flint Ink
ANN ARBOR, Mich. -- The European Commission and U.S. authorities approved the proposed acquisition of American-owned Flint Ink by European-based XSYS Print Solutions and the subsequent merger of the two companies. XSYS is majority-owned by funds that are managed and advised by the European private equity firm CVC Capital Partners. The investigation has shown that the proposed transaction will not impede effective competition in the European Union or in North America.
The acquisition and merger will create a group that will rank among the largest ink companies in every region it serves, with an employee base of 8,000 and combined revenues of approximately U.S. $ 2.6 billion (€ 2.1 billion), based on 2004 figures. The new entity will be co-owned by CVC-funds and the company's management.
Plans for integration of the two companies are currently underway. Additional announcements will be made following closing, which is expected to occur at the end of September.