Clearwater International advises Heidelberger Druckmaschinen on the sale of its Hi-Tech Coatings division to Innovative Chemical Products Group’s Industrial Solutions Group division
Clearwater International has advised Heidelberger Druckmaschinen AG (Heidelberg) on the sale of its Hi-Tech Coatings division for coatings used by the packaging, labeling, and printing industries to Innovative Chemical Products Group’s (ICP Group) Industrial Solutions Group (ISG) division, a leading global provider of packaging, labeling, and specialty clear coatings based in Itasca, IL, USA.
The divestiture is a part of Heidelberg’s initiative to focus on core activities and portfolio adjustments. With the sale, three sites and a total of around 60 employees will be transferred to ICP’s ISG division. The transaction also established a strategic partnership between Heidelberg and ICP Group to ensure Heidelberg’s future sales of its coating portfolio to its customers. The purchase price amounts to EUR 38.5 million.
The final terms will be determined at the time of closing. Subject to customary closing conditions, the sale is expected to be effective in 2019.
Headquartered in Heidelberg (Germany) Heidelberg is a highly innovative partner to the global printing industry for more than 160 years. Offering state-of-the-art technologies and innovative business ideas, the company provides products and services along the entire process and value chain for printing products.