manroland Sheetfed Completes Merger Formalities with Langley Holdings
OFFENBACH, GERMANY—October 31, 2013—manroland Sheetfed GmbH, the German printing press builder acquired by the British industrialist Tony Langley in February 2012, has completed legal formalities to incorporate the company as a wholly-owned subsidiary of Langley Holdings PLC, the engineering group founded by Mr Langley in 1975.
The Langley group's Interim Trading Statement for the six months to June 30, reports the manroland Sheetfed trade in it's results from January this year although the merger was only finally ratified by the German courts earlier this month. Following re-structuring in 2012, the press builder is reported to be trading at break-even this year.
The Langley group recorded a profit before tax of €41 million for the six months to June 2013 and expects full year profit before tax to be circa €80 million. The enlarged group employs just over 4,000 people worldwide, around half of which are in Germany. Full year revenues are expected to be around €850 million, of which circa €320 million relate to the press builder.
Founded in 1871, the company that is today manroland Sheetfed GmbH, is one of only a handful of offset litho press producers worldwide and has been responsible for many of the technological advances in the printing industry throughout the 20th and early 21st centuries.
The manroland deal was the third for Langley in Germany since 2001, with other acquisitions in the United States, France and the United Kingdom during the same period. The group specializes in acquiring under-performing or distressed capital equipment businesses with a strong market position and reputation, then re-organizing and developing the businesses it acquires for the long term. To date Langley has not sold any of the businesses it has bought. The group remains 100 percent privately-owned by the Langley family.
About manroland Sheetfed
manroland Sheetfed is a leading global producer of offset printing presses for commercial, packaging, publishing applications and related technologies. The company has its own subsidiaries in over 40 countries covering Europe, Asia, North America, South America and Australia. Founded in 1871 on the finest traditions of German engineering excellence, the name manroland is now a global watchword for quality, precision and supreme reliability in end-to-end offset printing solutions. manroland Sheetfed is a wholly-owned subsidiary of Langley Holdings plc, a privately-owned UK engineering group whose capital equipment form the core of many industrial and commercial processes around the world.
About Langley Holdings plc
Langley Holdings PLC is a diverse, privately-owned, global engineering group, based in the United Kingdom with principal operating divisions located in Germany, France and the United Kingdom, and a network of worldwide subsidiaries. The group employs around 4,000 people globally. Langley is a profitable, debt free and highly transparent organization which publishes full financial reports on its Website. The group was founded in 1975 and despite adopting the articles of a public limited company since 1993, is still owned outright by its founder and current chairman, Tony Langley.