Rexam's Image Products Division Announces Acquisition by Sun Capital Partners, Inc.
SOUTH HADLEY, Mass.--(BUSINESS WIRE)--April 5, 2002
Global Precision Contract Coating and Coated Products Manufacturer To
be Purchased by Leading Private Investment Firm
Rexam's Image Products division, the precision coating business unit of Rexam PLC, announced today that an agreement in principle has been reached for the organization to be purchased by private investment firm Sun Capital Partners, Inc. of Boca Raton, FL. The Image Products division of Rexam, within a reasonable period of time and subsequent to a period of due diligence, will join a portfolio of some 30 diverse companies with combined sales in excess of US$2.0 billion owned by Sun Capital Partners.
In regard to the pending acquisition, Robert W. Champigny, president of Image Products remarked, "After a long search for a suitable buyer, I'm very pleased with the planned acquisition by Sun Capital. Their team offers us great value in the areas of financial and business expertise. Sun Capital offers us fresh, objective perspectives, particularly in the areas of strategic direction and asset management. We look forward to operating independently in the pursuit of growth and profitability objectives, a core philosophy of Sun Capital."
Michael Kalb, vice president of Sun Capital Partners, Inc. said, "Sun Capital is looking forward to working with the existing management team to continue to build upon the strengths and core competencies of the Image Products business. We are excited to be acquiring the established leader in specialty coating and to be supporting the continued growth and prosperity of this dynamic company."
Image Products will continue to pursue opportunities to differentiate itself via its research, development and manufacturing expertise. The company will build upon its long tradition of delivering innovative products, processes and applications to a broad cross-section of manufacturing and imaging communities. The acquisition includes the organization's six manufacturing facilities in the United States and the United Kingdom, in addition to its sales and marketing offices and distribution locations in Australia, Europe, and North and South America. The company has approximately 800 employees worldwide including management, scientific, manufacturing, sales and administrative personnel.
Image Products has two primary strategic business units: Digital Imaging and Engineered & Electronic Films. These units will remain the primary sources of the company's market development and growth. In addition to its unique, world-class contract coating capabilities, Image Products brings specialty coated manufactured products to market globally via agreements with various channels including original equipment manufacturers, private label distributors and under its own brands: Inspire(TM) medical components, Jet Set(R) drafting papers & films, Magic(R) graphic arts papers & films, My Project(TM) paper for educational applications, Proof It(TM) proofing papers, the Tecnilith(R) family of products including Duratool(R) and Artwork Protect(TM) films for electronics manufacturing, and Unusuwalls(TM) digital wall covering.
Image Products is a global leader in contract coating and the manufacture of coated paper, film and specialty substrates for imaging, electronic and medical. The company's capabilities include the manufacture of imaging substrates for graphics, desktop printing, proofing, design engineering applications and information storage; electronic film for shielding and conductive uses and circuitry manufacturing. Six manufacturing facilities operate in the United States and Europe with headquarters in South Hadley, Massachusetts in the U.S.
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|Date:||Apr 5, 2002|
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