Presstek, a leading manufacturer and marketer of digital imaging solutions for the graphic arts industry has announced that it will purchase Precision Lithograining Corporation, the manufacturer of the Anthem, Freedom and Aurora chemistry-free printing plates, in a cash transaction valued at approximately US$13m. Subject to customary closing conditions, the acquisition is expected to be completed in the third quarter of 2004. The companies are planning to maintain their respective operations, with Precision operating as a wholly owned subsidiary of Presstek.
Precision Lithograining already had an existing relationship with Presstek as its manufacturing partner for the Anthem and Freedom printing plates. Precision’s plate product portfolio includes conventional and digital printing plates for both web and sheetfed printing applications.
Edward Marino, Presstek president and CEO says, "We are delighted to announce this agreement with one of our very successful long-term partners. Precision is an excellent company that has served Presstek and its growing customer base very well. We intend to build on that solid foundation.
"This acquisition is specifically designed to solidify Presstek’s leadership in the growing processless plate market. The move is expected to provide Presstek with the capability to further grow its chemistry- and process-free market position by leveraging the strength of our Anthem family of plate products. Presstek’s Anthem and Freedom plates, along with Precision’s Aurora branded plate, are the industry benchmarks for chemistry-free plate technologies, we believe that these products hold significant long-term growth potential for Presstek."
Moosa Moosa, Presstek chief financial officer, says, "In addition, Precision has a strong conventional plate business with several well recognised business partners, graphic arts dealers and customers. The conventional business does not overlap with Presstek’s digital businesses and so offers us a unique growth opportunity for our technology."
Edward Klepacki Jr, Precision president, says, "Precision is very pleased to be able to join forces with Presstek. We believe Presstek’s strong financial footing will allow Precision to expand the market for our full range of plate products. The combined companies will be able to offer printers a wide array of quality plate products."
