Flint Ink & Gebruder Schmidt M&A Done

Published: July 03, 2002, By PRESS RELEASE

WOLVERHAMPTON, U.K. -- Flint Ink Corp. and German ink maker Gebrüder Schmidt GmbH report the successful closing of the two companies' merger and acquisition agreement. Flint Ink's European operations and Gebrüder Schmidt have combined to form Flint-Schmidt GmbH & Co. KG, reportedly one of the largest ink companies in Europe.

Headquartered in Frankfurt/Main, Germany, the co. says the new Flint-Schmidt also has significant market share in Germany, employing a combined workforce of approximately 1,400, with revenues around 450 euro. As part of the agreement, Gebrüder Schmidt's operations in Canada were acquired and will immediately become part of Flint Ink North America.

"Our global customer base is now in a strategic position to gain a significant share of the European market," says CEO of Flint-Schmidt Jim Mahoney. "Together we will concentrate on serving all of our customers with a special focus on the eastern European region, where we see considerable opportunity for growth."

Adds the new company's COO, Dr. Helmut Schmidt, "The rapid closure of this merger and acquisition underscores our continuing commitment to focus on providing customers with solutions that enable to gain a competitive advantage."

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