Global printing and packaging giant Flint has acquired digital innovator Xeikon, a leading digital solutions provider to the packaging and commercial markets, for an undisclosed sum.
Flint Group said it had entered into an agreement to purchase XBC B.V., a company that holds more than 95% of the shares in Xeikon.
Xeikon’s products and services will be the foundation of a newly created division called Flint Group Digital Printing Solutions that will broaden the group’s conventional and digital printing solutions.
“This acquisition represents an excellent opportunity for Flint Group,” said Antoine Fady, Flint Group CEO. “Xeikon has a proven history of delivering exceptional value through high-quality, high-productivity, innovative and sustainable solutions for their customers. [This deal] will propel the organisation further into the digital solutions market, where we will continue to deliver on our long term strategy of driving growth through product innovation, focus on developing markets and portfolio expansion.”
Xeikon CEO Wim Maes will become president of Flint Group’s Digital Printing Solutions division, reporting to Fady.
“We are very pleased to be joining Flint Group and excited by the opportunities this acquisition presents to accelerate business growth,” said Maes. “Xeikon has shown that dedication to the digital label, folding carton, commercial and document printing market segments has paid off in terms of market share, customer satisfaction and financial contribution. This next chapter in our more than 20-year existence opens many opportunities for Xeikon as a company, as well as for our customers, employees, partners and stakeholders.”
The deal will have little impact on the operations of Xeikon’s Australian distributor Absolute Electronics, according to Absolute MD Grish Rewal. “We're looking forward to the future because Flint is an integral industry player and brings extensive experience in areas like inks and adhesives. But we understand that operationally it will remain the same,” he said.
Flint Group, headquartered in Luxembourg, employs 6800 people around the world, with revenue of € 2.1 billion in 2014. Flint develops, manufactures and markets an extensive portfolio of printing consumables, including: conventional and energy curable inks and coatings for most offset, flexographic and gravure applications; pressroom chemicals, printing blankets and sleeves for offset printing; photopolymer printing plates and sleeves, plate-making equipment and flexographic sleeve systems; pigments and additives for use in inks and other colourant applications.
Xeikon, based in Eede, the Netherlands, is an innovator in digital printing technology and designs, develops and delivers web-fed digital colour presses for labels and packaging applications, document printing, as well as commercial printing. It’s estimated that Xeikon currently has around 20% global market share of the digital print equipment market, second to digital giant HP.
The transaction remains subject to closing conditions, including approval by competition authorities, and should be completed by the end of 2015.