Flint sells XSYS pre-press business
Flint Group has confirmed that its XSYS pre-press wing is being sold, with Steve Dryden stepping up to become CEO of Flint as a result. There had been speculation for a while that Flint owners Goldman Sachs and Koch Equity Development could divest all or part of the business.
20 Sep 2021 | 2396 Views | By PrintWeek Team
This heightened after Flint set up XSYS, a new division for its pre-press, flexo and letterpress operations at the beginning of this year.
On 8 September, Flint announced that XSYS was being sold to private equity firm Lone Star Funds. The XSYS business has sales of around 300-m euros and 600 employees. Its tag line is ‘Print solid. Stay flexible’.
The deal is subject to the usual completion terms, but once finalised Antoine Fady, who was CEO of Flint Group, will become CEO of the XSYS business, with XSYS president Dagmar Schmidt becoming COO.
The terms of the deal were not disclosed.
Flint said the sale would enable it to further invest in its “market-leading” packaging inks and the Xeikon digital printing business. The sale will also strengthen the group’s balance sheet.
(Courtesy: Printweek.com)