Schawk Makes Two Imaging Acquisitions
DES PLAINES, IL—In the space of one week, Schawk Inc., based here, has moved to acquire two New York imaging companies: Horan Imaging Solutions and Chromart Corp.
Horan Imaging Solutions, a digital imaging services company that serves major advertising agencies in New York City, provides digital image assembly and digital scanning. Horan's revenues are approximately $17 million. Terms of the transaction were not disclosed.
Chromart Corp., a $3 million digital imaging services provider serving major consumer products companies and advertising agencies in New York City, is known in the industry for its electronic retouching work. Again, terms were not disclosed.
David A. Schawk, Schawk president and CEO, notes, "We have indicated our commitment to expanding in consumer products packaging, agency and promotional imaging services. If you are going to provide services to the advertising agency market, you have to be in New York City."
Frank Maguire Jr., who will continue as president of Horan, comments, "Schawk recognizes that in order to best serve the custom needs of its clients, Horan needs to operate as an autonomous group."
Steven King, who will continue as president of Chromart, adds, "It is really the best of both worlds. Schawk has the technical and financial strength to help Chromart keep up with rapidly changing technology, and we can offer clients a broader range of digital imaging services."
Schawk also acquired S&M Rotogravure in March, a business with approximately $6 million in annual sales. The combined annual revenues of the three acquisitions is approximately $26 million.