|
Sun Chemical and Day International Announce Asset Sale of Sun Graphic Blankets
Northlake, IL & Dayton, OH
- July 28, 2006 -- Sun Chemical, the world's largest manufacturer of printing inks and organic pigments, today announced the sale of certain assets of its Sun Graphic® press blankets business to Day International, a leading blanket supplier to the industry. The asset purchase is subject to the satisfaction of the customary closing conditions and is expected to be effective August 31, 2006. The two companies will also enter into a distribution agreement for the sale of Sun Graphic blankets.
"After careful examination of business conditions, we concluded it would be best to divest this smaller portion of our business," said Mark J. Levin, President, Sun Chemical North American Commercial Group. "However, we were eager to find a partner like Day International that we could continue to work with to supply a total printing solution to our commercial printing customers. Day has agreed to continue to supply Sun Graphic blankets to Sun Chemical for the commercial sheet fed, packaging, cold set web (single wide) markets."
"Sun Chemical will close the Sun Graphic blanket manufacturing facility in Pompano Beach, Florida, effective August 31, 2006. That decision was made due to anticipated high investment costs necessary to meet regulations and boost operational efficiency," Levin said.
Dennis Wolters, Day International President added, "Even though Sun Chemical will close its blanket facility, this transaction will ensure Sun Graphic customers a long-term supply of Sun Graphic blankets. The combination of the Sun Graphic technology, Day's manufacturing capability, and Sun and Day's distribution and service network will provide the customers with a continuing high level of quality, availability, and customer service."
To help ensure continuity of product quality and supply, Day will begin manufacturing Sun Graphic blankets in its own facilities prior to closing. Sun Chemical acquired Sun Graphic in 2004 as part of its purchase of press chemistry manufacturer Rycoline®, which remains a member of the Sun Chemical North American Commercial Group.
About Sun Chemical
Sun Chemical, the world's largest producer of printing inks and pigments, is a leading provider of materials to packaging, publication, coatings, plastics, cosmetics, and other industrial markets. With annual sales approaching $4 billion, Sun Chemical has over 12,000 employees supporting customers around the world. The Sun Chemical Group of companies includes such well-known names as Coates, Hartmann, Kohl & Madden, and US Ink.
Sun Chemical Corporation in the U.S. and Sun Chemical Limited in England are subsidiaries of Sun Chemical Group B.V., the Netherlands. Sun Chemical has headquarters in Parsippany, New Jersey, U.S.A.; Slough, England; and Weesp, the Netherlands. For more information, please visit our Web site at www.sunchemical.com.
About Day International
Day International is a privately owned company founded in 1905 in Dayton, Ohio. The company operates production, sales, and distribution centers in North America, Latin America, Europe and Asia Pacific. Product lines include dayGraphica® printing blankets and sleeves, david M® printing blankets, Varn™ pressroom chemicals, Rotec® flexographic sleeve systems, dayCorr® diecutting blankets and day-Flo® pre-inked rolls. For more information, please visit our Web site at www.dayintl.com.
|