|
|
EFI - 9/27/2006
EFI to Acquire Jetrion LLC
Foster City, Calif. - Sept. 27, 2006 - EFI (Nasdaq: EFII), the world leader in digital controllers, superwide format
inkjet printers and inks, and print management solutions, today announced it has signed an agreement to acquire
privately held Jetrion LLC, a subsidiary of Flint Group Incorporated, for approximately $40 million in cash. Jetrion
is a leading innovator of inkjet printers, inks and custom printing systems for the label and packaging industries.
EFI expects the transaction to close in the fourth quarter of 2006, subject to certain closing conditions.
"Jetrion’s advanced technology and very talented team are great additions to our inkjet business and are a key
element in fulfilling our strategy to expand our presence in the industrial inkjet market," said Guy Gecht, EFI
CEO. "We are especially impressed with Jetrion’s packaging and label printing expertise, and we see this as
an emerging market opportunity for digital printing given the increasing demand for short-runs, variable content
and fast turn-around in these segments. In addition, the Jetrion and VUTEk development capabilities
complement each other quite nicely. Combining EFI’s leadership in precision color and intelligent, high speed
Raster Image Processing (RIP) technology with the market-leading innovation of the VUTEk and Jetrion product
lines will give us multiple opportunities to share expertise, benefiting all of our products."
"We are excited to join the EFI team and be able to leverage their global reputation, vast industry relationships
and financial strength to gain greater market reach and provide our valued customers with an even higher quality
of service," said Dr. Kenneth Stack, president of Jetrion. "Our customers and employees will also benefit from
EFI's culture of innovation and technical depth, allowing us to remain competitive and forward-thinking."
The acquisition is expected to add between $3 million and $5 million in revenues to EFI’s fourth quarter results
with an immaterial impact on pro forma earnings. For the full year 2006, Jetrion is expected to post revenues of
approximately $16 million to $18 million. The Jetrion products are currently anticipated to show top line growth of
30-40 percent in 2007 and again have an immaterial impact to pro forma earnings as EFI makes investments to
expand the Jetrion product line and distribution.
www.efi.com
|
|
|
