Belgium-based Agfa Graphics announced today that it has reached an agreement to acquire most of the assets of Gandi Innovations Holdings LLC’s North American operations and the shares of its principal foreign subsidiaries.
Mississauga-based Gandi Innovations has been operating under bankruptcy protection, through the Companies’ Creditors Arrangement Act in Canada and Chapter 15 in the United States, since May 2009. The price of the acquisition, which is subject to regulatory and court approval, has not been publicly released. A press release about the pending acquisition states, “[the sales price] will have no major impact on Agfa’s financial debt.”
Gandi Innovations, which integrates technologies to build wide-format inkjet machines, was founded in 2001 and currently employs 256 staff. The company claimed to reach a sales peak of US$127 million in 2008.
“The combination of Gandi Innovations’ products and Agfa Graphics’ products will result in substantial growth for our inkjet business based on an even more complete system portfolio,” said Richard Barham, Agfa Graphics’ VP of Inkjet. “As our own portfolio consists of entry-level and high-end inkjet systems, Gandi Innovations’ mid-range systems are a 100 percent complementary fit with our existing inkjet technology.”
Gandi Innovations’ CEO and co-founder Hary Gandy added: “Joining Agfa Graphics offers Gandi Innovations’ staff and customers tremendous opportunities for the future.”
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