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Feb 12, 2010 12:00 AM
Flint Group (Luxembourg) has signed an agreement to acquire Torda (Lund, Sweden), a leading manufacturer of printing inks for the packaging markets in Northern Europe, the Balkans and the Middle East with a substantial presence in Eastern Europe. Torda generated revenues of approximately 23 million euros in 2009.
Charles Knott, CEO and chairman of Flint Group, says, “The acquisition of Torda supports our strategy to grow in the packaging print consumables market in a sustainable and profitable way by strengthening our position in the faster growing markets. Moreover, Torda has some excellent technology positions which we will be able to leverage throughout the global Flint Group Packaging organisation.”
“Thanks to its solid product platform and a service focused business culture, Torda is a well-established supplier to the packaging industry with a strong foothold in the food packaging sector,” says Fredrik Danielsen, CEO Torda. “Ever since we started to look for a partner, we regarded Flint Group as our favorite candidate to join forces with. Flint Group’s leading market positions across the globe, its excellent product portfolio and its strong technical service approach, which we consider a major success factor, provide an ideal platform for further growth. We are confident that our customers will benefit from this transaction getting access to a broader range of specialised products and services.”
This acquisition is Flint’s third step to foster its expansion in Eastern European markets within the last 12 months. In 2009, Flint Group acquired the Russian packaging ink manufacturer and distributor Premo Inks. In January 2010, Flint Group announced the expansion of its packaging inks manufacturing operations in Poland to meet increased demand.
The transaction is expected to close by the end of March 2010, subject to the approval of the antitrust authorities. Financial terms have not been disclosed.