Transaction will strengthen position as global supplier of graphic arts consumables
LUXEMBOURG—20 April 2007—Flint Group, the world’s largest privately-owned supplier to the printing, converting, and graphic arts industries, has announced an agreement in principle to acquire Day International, a world leader in the supply of printing blankets, sleeves, image transfer media and pressroom chemicals. Day will operate as a business unit within Flint Group, and the combined group will rank among the largest pressroom consumable suppliers in every region it serves. Nearly 8300 employees will serve customers from 170 sales, service and manufacturing locations on five continents. Combined revenues for 2007 are estimated to be Euro 2.55 billion (U.S. $3.32 billion).
The agreement was signed on 20 April, with closing expected to occur in 30 to 60 days, subject to necessary regulatory approvals.
“By combining the complementary product lines of the two companies, we are creating a stronger supplier with a significantly broader range of products for our customers around the world,” said Dave Frescoln, CEO of Flint Group. “In addition, Day’s image transfer technologies provide a strong avenue to market for all of our products, in both conventional and digital printing.”
“Combining Day International’s range of products with those of Flint Group creates an exceptionally strong portfolio to support printers around the globe,” stated Dennis Wolters, President and CEO of Day. “The expanded organization will be in a strong competitive position in the best sense, allowing customers to meet most of their pressroom needs from a single, trusted resource.”
Flint Group was created in 2005 by the union of Flint Ink Corporation and XSYS Print Solutions. It is owned by funds advised by CVC Capital Partners and Flint Group management. Founded in 1905, Day International has risen to global leadership through internal growth and new product development, combined with a series of mergers and acquisitions. It is owned by funds advised by GSC Group and Cowen and Company, LLC and by Day management.