Domino acquires PostJet Systems Limited
Domino Printing Sciences plc (“Domino”) is pleased to announce the acquisition of 100 per cent of the shares in PostJet Systems Ltd. (‘PostJet’).
PostJet is based near Basingstoke, UK and develops, manufactures and sells inkjet printing equipment specifically for high speed postal applications.
The initial purchase price is £6.5 million, satisfied from Domino’s existing cash resources. Net cash in the business will be paid out to the sellers. Additional deferred contingent consideration is payable based upon performance of the business over a three year period.
The principal sellers are Adrian Moss, David Daniels and Raymond Paris. Adrian Moss and David Daniels will remain employed by PostJet on long term employment contracts. Raymond Paris will take planned retirement from full time employment at the end of the current year, but will be retained as a consultant for a further period by mutual agreement.
The results of PostJet will be fully consolidated in Group results from acquisition date. We expect no material impact on earnings in 2012 and small accretion in 2013.
Nigel Bond, Group Managing Director of Domino Printing Sciences plc commented, “We are delighted to announce the acquisition of PostJet, a UK company which along with OEM partners has been successful at gaining market share through offering high performing, cost effective coding solutions. The global postal market is large and while postal volumes are in decline there is still a significant opportunity to grow share across a range of applications. PostJet has leading technology in the sector and will further strengthen Domino’s digital Printing capability.”