Acquisition of Tricon Colors Inc. positions Universal Foods in new, non-food market.MILWAUKEE--(BUSINESS WIRE)--Jan. 23, 1997--Universal Foods Corporation (UFC/NYSE) today announced it will expand into the specialty inks market with an agreement in principle to acquire Tricon Colors Inc. With 1996 revenue of $20 million, Tricon Colors produces inks for computer printers and dyes for the agricultural, pharmaceutical and cosmetics cosmetics, preparations externally applied to change or enhance the beauty of skin, hair, nails, lips, and eyes. The use of body paint for ornamental and religious purposes has been common among primitive peoples from prehistoric times (see body-marking). industries. The sale for cash is expected to be completed by the end of the second quarter. "The agreement to purchase Tricon Colors is an exciting first step in our aggressive acquisition program to drive the company into higher growth, non-food markets," said Kenneth P. Manning, President and Chief Executive Officer. "This acquisition gives us a strategic entry into a dynamic new market with an annual growth rate in excess of 20%." The industry's largest ink jet printer See inkjet printer. manufacturer is one of Tricon's largest customers. The current market served by Tricon is expected to grow from $350 million today to $1.6 billion in the next decade as additional applications for Tricon's products, such as photographic printing the process of obtaining pictures, as on chemically prepared paper, from photographic negatives, by exposure to light. See also: Photographic and textile coloring, are developed. The Universal Foods' Color Division will provide a significant portion of the raw materials used in Tricon's ink jet See inkjet printer. products. Ink jet inks comprise about 60% of Tricon Colors' revenue. The sale of dyes to the agricultural, pharmaceutical and cosmetics industries makes up the remainder of the company's sales. Tricon Colors is headquartered in Elmwood park, New Jersey
Elmwood Park is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 18,925. , and has production and warehouse facilities in New Jersey and Oregon. Universal Foods is an industrial marketer of high-performance ingredients and ingredient systems that add functionality to foods and other applications, giving distinction to customers' products worldwide. Its technical expertise includes flavors, flavor enhancers and other bioproducts, colors, yeast yeast, name applied specifically to a certain group of microscopic fungi and to commercial products consisting of masses of dried yeast cells or of yeast mixed with a starchy material and pressed into yeast cakes. and dehydrated de·hy·drate v. de·hy·drat·ed, de·hy·drat·ing, de·hy·drates v.tr. 1. To remove water from; make anhydrous. 2. To preserve by removing water from (vegetables, for example). vegetables. CONTACT: Universal Foods Corporation, Milwaukee Steve Cordier, 414/347-3868 |
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