The transaction has been approved by the Board of Directors of both companies and is subject to regulatory approvals and customary closing conditions.

Xsys also announced a change in leadership. Oliver Dohn, the departing CEO will make way for Alexander Unterschutz as the new Group CEO.

While Dohn has played a significant role during his tenure in driving growth and setting a strategic growth and innovation agenda for Xsys, Unterschutz brings significant leadership experience and a track record of driving transformation programs and implementing successful growth strategies. Unterschutz most recently led the Components business at Linde Engineering. Prior to his 14 years at Linde, he worked as a management consultant with McKinsey & Company.

“I am delighted to join Xsys as its new CEO and, together with the whole Xsys team, support its continued success. I am also excited about the combination of Xsys and MacDermid. Both businesses have highly complementary geographic footprints and product portfolios, which will enhance Xsys’ product offering and service levels as well as drive innovations to serve our customers even better,” said Unterschutz.

MacDermid Graphics Solutions has been present in the Indian market for more than two decades, with representation from a few local dealers. When PrintWeek spoke to a MacDermid representative in India, it was informed that it would be business as usual for MacDermid in India. “Business will continue as usual in the short to medium term. MacDermid will continue to sell all previously available products until further notice,” said the statement.