Pitman Co. Acquired by Agfa Graphics
MORTSEL, BELGIUM—Agfa Graphics has signed an agreement to purchase the assets of the Harold M. Pitman Co., a distributor of prepress, industrial inkjet, pressroom and package printing products and systems in the United States.
The Pitman Co. acquisition increases Agfa Graphics' revenue in the United States to more than $500 million. Based in Totowa, NJ, the Pitman Co. has 502 employees and 16 locations throughout the United States. According to Agfa, Pitman's large customer base and knowledge of the industry will offer immediate growth opportunities for Agfa Graphics' industrial inkjet and prepress solutions.
Agfa Graphics' addressable market will increase substantially, thanks to the addition of numerous product lines to its offering, including flexographic printing plate solutions for the packaging industry, pressroom products and value-added services. Moreover, Agfa reports it will be able to complement its own developed industrial inkjet offering with the addition of a range of media, new inks and wide-format printing systems.
"Pitman's strong distribution network and broad portfolio of products and systems, combined with our leading technology, will provide us with promising growth opportunities in this strategically important region. One glance at Pitman's extensive catalog is enough to understand that we will considerably expand our scope," says Stefaan Vanhooren, president of Agfa Graphics.
"One of the main drivers behind this decision was the fact that we gain a unique opportunity to significantly grow our inkjet business," he adds.