Agfa Buying Pitman Company

Agfa Graphics announced that it has signed an agreement to purchase the assets of the Harold M. Pitman Company, a United States supplier of prepress, industrial inkjet, pressroom and packaging printing products and systems.

The Pitman Company acquisition substantially increases Agfa Graphics' revenue in the U.S. to more than $500 million. The incremental EBIT contribution is expected to be well in line with Agfa Graphics' global 7 percent target. After the closing, Agfa expects further growth of its US top line resulting from the combination of expertise available in both companies. Agfa also expects strong synergies to be delivered from the consolidation of sales forces and the reduction of G&A expenses.