Flint Group, the global ink company based in Luxembourg, has signed an agreement to acquire Torda, a manufacturer of printing inks for the packaging markets, headquartered in Lund, Sweden. Torda generated revenues of about €23 million in 2009.
“We are delighted about the agreement with Torda,” says Dirk Aulbert, president of Flint Group’s global Packaging and Narrow Web division. “Torda’s setup, especially in Eastern Europe, the Balkans and the Middle East, ideally complements and expands our network of manufacturing and service facilities into these growth markets.”
“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,” notes Fredrik Danielsen, CEO of 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 specialized products and services.”
The acquisition is the third step by Flint to expand in Eastern European markets within the past 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.
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 organization.”
The transaction is expected to close by the end of March 2010, subject to the approval of the antitrust authorities.