| FUJIFILM Imaging Colorants Limited | FUJIFILM Imaging Colorants Limited 26 December 2005
Fujifilm to acquire Avecia Inkjet and Electrophotography businesses
Fuji Photo Film Co. Ltd and the Avecia Group announced today that Fujifilm is to acquire Avecia’s Inkjet and Electrophotography (EP) businesses for GPB 150 million (approximately Yen 30.75 billion). The transaction, which is subject to regulatory and other customary closing conditions, is expected to be completed in February 2006.
The acquisition includes all Avecia Inkjet and EP development and manufacturing assets in Manchester, England, Grangemouth, Scotland and New Castle, Delaware, USA. All 340 employees will transfer with the business which will operate as a 100% subsidiary of Fujifilm.
Avecia Inkjet is a global innovator and manufacturer of dyes and inks for the home and office ink jet printing sector. Avecia’s EP business is focused on the development and manufacture of Chemically Produced Toners (CPTs) for laser printers and photocopiers, and Infrared Absorbers used inhigh value markings.
Fujifilm Group has accumulated sophisticated know-how in materials development and synthesis over many years of R&D in fields such as silver halide photography, printing and medical X—ray films. It has also applied this technical expertise to the development and commercialisation of various functional materials such as FUJITACTM products, WV film, DVD dye and colour resist of Liquid Crystal Displays.
David Greensmith, Managing Director of Avecia’s Chemicals Division said:"I am delighted that we have reached agreement for the sale of these business units to Fujifilm. Both companies have a long and successful track record of innovation in the electronics sector. Through our combined strengths we will be able to capitalise on growth opportunities through the innovation, development and introduction of new products."
Avecia will make an announcement regarding the use of proceeds from this transaction nearer the time of completion.