LONDON -- The Armor Group announced the acquisition of International Imaging Materials, Inc. (IMMAK) on Monday. The combined Thermal Transfer activity will be called ARMOR-IIMAK, with consolidated revenues of more than $400 million in the design and production of thermal transfer ribbons for the printing of variable traceability data on labels and flexible packaging.
"Convinced of its strategic importance, I have actively pursued this merger and am especially proud today to be able to announce this acquisition,” said Hubert de Boisredon, chairman and chief executive officer of the ARMOR Group. “Our main objective will be to unify our strengths in order to benefit our customers, partners and employees."
With a history for both companies dating back to the 1980s through a shared license from the Japanese company Fujicopian until 1998, Armor has had strong growth in Europe, with IIMAK similarly benefiting in the United State. ARMOR-IIMAK now has 1,650 employees producing over 2.5bn m² of thermal transfer ribbon. Christian Lefort, who only recently joined the Armor Group as CEO, will be leading the entity.
"The paths of our two companies, both historic market leaders in thermal transfer technology, cross once again and will now be irrevocably united,” Lefort said.
“This merger will benefit all our customers and external partners, as well as our employees. I am both delighted and honored to lead this merger with the full support of everyone at IIMAK and Armor."
Doug Wagner, CEO of IIMAK, has been appointed President of ARMOR-IIMAK Americas. He will play a key role in the integration process and in the realization of the synergies within the new entity, especially in the Americas.
"I am pleased we were able to make this historic merger a reality,” Wagner said. “The combination of our two companies results in a strong global organization which will create new value for our customers and new opportunities for our employees. We are excited to be part of this new journey as ARMOR-IIMAK”.
The companies are joining forces with multiple objectives, including:
- Strengthening their presence in North and South America
- Offering customers a comprehensive product portfolio
- Leveraging joint technological development to enhance existing products and rapidly develop new ones; and
- Reducing carbon footprint through optimized logistics.
Through this merger, the new entity will enjoy global industrial coverage via three coating sites, one in each of its regions (Americas, Asia and Europe), and nearly twenty slitting sites.
ARMOR purchased IIMAK from its controlling shareholder ACON Investments, LLC (“ACON”). This deal has been conducted with support from PwC and JonesDay, also includes the Fluid Inks industrial activities of IIMAK but excludes their medical contract manufacturing business, iiMED. The financial terms of the transaction are confidential.