LONDON (Alliance News) - Inkjet printing technology company Xaar PLC on Friday said it has agreed to buy US product printing equipment firm Engineered Printing Solutions for up to USD18.5 million.
Xaar will pay an initial consideration of USD11.0 million, with a further USD7.5 million due based on Engineered Printing hitting financial targets in the three years following completion.
East Dorset, Vermont-based Engineered Printing supplies customised and bespoke printing services to a range of sectors, including promotional, packaging, medical, automotive, apparel, appliances, sports equipment and toys. In 2015, it made USD14.0 million in revenue.
"Here, just as with other industry sectors, there is great potential to accelerate the adoption of inkjet. EPS has established a successful business and is well positioned to continue to grow. Xaar gains a strong customer base and footprint in North America, a region Xaar has been targeting for growth. The integration capabilities EPS brings to Xaar will enable us to provide greater support to our existing and new OEM partners," said Xaar Chief Executive Doug Edwards.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Xaar (XAR)