Agfa Acquires Pitman Co.
MORTSEL, BELGIUM—Agfa Graphics announced today that it has signed an agreement to purchase the assets of the Harold M. Pitman Co., a distributor of prepress, industrial inkjet, pressroom and packaging printing products and systems in the United States.
The Pitman Co. acquisition substantially 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. The acquisition will reportedly enable Agfa Graphics to significantly strengthen its position in the United States printing industry. 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 Graphics 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."
Pitman Chairman of the Board Paul (Peter) F. Schmidt Jr. adds, "Our family built the Pitman Co. into an industry leading graphic solutions provider and for over 50 years we have been strategic partners with Agfa. I feel very confident about this new chapter in the history of the Pitman Co. and I know that it is the combined force of Pitman and Agfa that will drive this company to the next level by providing present and future customers a greater value package of goods and services."