- August 05, 2009
The specialty chemicals group ALTANA has entered into an agreement to acquire the business of the North American company Water Ink Technologies. The company produces primarily water-based and UV inks, coatings, and varnishes for narrow web applications at three sites in North Carolina. Among others, these applications are used for packaging printing and labels. In addition, Water Ink Technologies provides extensive customer service through several mixing stations in the US and Canada. With consolidated sales of about $34 million in 2008 and almost 150 employees, the company is one of the leading manufacturers of the mentioned products in North America.
With the acquisition of Water Ink Technologies, ALTANA underlines its continued commitment to complement organic growth with selected acquisitions, as it did successfully in the past. Within the group, Water Ink Technologies will be integrated into the ACTEGA Coatings & Sealants division under the new name ACTEGA WIT. The existing Water Ink Technologies management team, under the leadership of Michael C. and Patrick S. Hague, will continue to run the operations also under the roof of ALTANA.
“The acquisition of Water Ink Technologies underlines that even and especially in difficult economic times we are fully committed to continue our growth course through suitable acquisitions and to further create value for the company,” states Dr. Matthias L. Wolfgruber, CEO of ALTANA. “The company fulfills our strict acquisition criteria in an exemplary way; it is not only an excellent strategic match, but will also further enhance our profitability.”