The ARMOR Group has announced the acquisition of IIMAK. The combined business will be called ARMOR-IIMAK with consolidated revenues of more than €322 million/ $400 million.
The ARMOR Group has completed the acquisition of IIMAK. It completes a relationship going back to the 1980s through a shared license from the Japanese company Fujicopian until 1998.
The new ARMOR-IIMAK entity will have consolidated revenues of more than €322 million/ $400 million and employ over 1,650 people who produce over 2.5bn m² of thermal transfer ribbon. Establishing it as the global market leader in the design and production of thermal transfer ribbons with a combined market share with a 40% combined market share.
Christian Lefort, who recently joined the ARMOR Group, will be leading the entity. Doug Wagner, CEO of IIMAK, has been appointed President of ARMOR-IIMAK Americas.
Hubert de Boisredon, Chairman and CEO of the ARMOR Group said: “Convinced of its strategic importance, I have actively pursued this merger and am especially proud today to be able to announce this acquisition. Our main objective will be to unify our strengths in order to benefit our customers, partners, and employees.”
Christian Lefort, CEO of ARMOR-IIMAK, commented: “This merger will benefit all our customers and external partners, as well as our employees. I am both delighted and honoured to lead this merger with the full support of everyone at IIMAK and ARMOR.”
Doug Wagner said: “I am pleased we were able to make this historic merger a reality. The combination of our two companies results in a strong global organisation 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 company commented that the two complementary companies are joining forces with multiple objectives to strengthen their North and South America presence. In particular, leveraging joint technological development to enhance existing products, rapidly develop new ones, and reducing their carbon footprint through optimized logistics.
The merger gives the company a global industrial coverage via three coating sites, one in each of its regions (Americas, Asia, and Europe), and nearly twenty slitting sites.
