EFI Acquires Cretaprint to Enter Ceramic Tile Printing Market
FOSTER CITY, CA—Jan. 10, 2012—Electronics For Imaging has acquired privately-held Cretaprint S.L. for approximately $31 million and an earn-out of up to $21 million based on growth targets for 2012 and 2013. Cretaprint, with headquarters in Castellón, Spain, is a leading developer and supplier of inkjet devices for printing on ceramic tiles.
“As evidenced by our record revenues, we are benefitting from strong traction in our industrial inkjet segment and are excited about expanding into the ceramic tile market, which represents a tremendous growth opportunity for EFI,” said Guy Gecht, CEO of EFI. “We have been tracking the swift transformation from analog to digital technology in tile imaging for quite some time, and have been deeply impressed with the fast growth and global leadership position of Cretaprint.”
“We are extremely excited to join EFI and look forward to leveraging EFI’s Silicon Valley high-tech DNA, inkjet expertise, workflow, and color management,” said Victor Blasco, CEO of Cretaprint. “EFI’s global presence will accelerate the adoption of our digital technology across the globe and especially in emerging markets.”
Industry analysts continue to project rapid growth in ceramic tile inkjet printing, as noted by Dr. Ray Work, Work Associates. “The tile industry is moving towards inkjet,” said Dr. Work. “The financial incentives are so great that the entire industry is converting rapidly to inkjet. The ceramic tile manufacturer can pay back their investment in an inkjet digital press for ceramic tiles in as little as six months.”
The Specialty Graphic Imaging Association (SGIA) conducts annual membership surveys. Its “2011 Industrial Printing Survey Report” indicates that more than 75 percent of its members utilize digital printing and also consider ceramic tile printing to be a strong market opportunity.
EFI will use its extensive knowledge of inkjet technology to enhance Cretaprint’s quality of output, software control, color management and more. EFI’s digital experience and award-winning imaging technology in combination with Cretaprint’s leading ceramic tile printing solutions will provide the industry with expanded offerings, superior workflow software and a worldwide support network that will expand Cretaprint’s reach worldwide.
EFI plans to strengthen Cretaprint’s operations in Spain, to further its expertise and innovation within the tile industry, and to grow the company’s market presence.