Packaging ink manufacturer Flint Group signed an agreement to acquire Torda, a leading ink manufacturer for packaging markets in northern and eastern Europe, the Balkans and the Middle East. According to a Flint Group press release, Torda generated revenues of approximately €23 million ($31 million) in 2009.
This recent acquisition is the third step in Flint Group's mission to foster its expansion in eastern European markets within the last twelve 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 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,” says Charles Knott, chief executive officer and chairman at Flint Group. “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 antitrust authorities. Financial terms have not been disclosed.