X-Rite acquires GretagMacbeth brand

X-Rite, a global manufacturer of color measurement technology solutions, has announced the completion of its acquisition of Amazys Holding AG. The total purchase price on the settlement date was approximately $280 million. The acquisition was financed through a combination of cash, debt and X-Rite stock. Amazys develops, markets and supports hardware, software and services to measure and communicate color under the GretagMacbeth brand. The combined company will be called X-Rite, Incorporated.

The combined company expects to achieve approximately US$25 million of annual operating expense savings in connection with the transaction in year three. The company expects to incur cash restructuring costs totaling approximately US$20 million during the first three years.

‘Our new company combines top notch talent, technology and products in the color industry,’ said Michael Ferrara, X-Rite CEO. ‘We expect our expertise, talent and technology to help us expand the global color market through innovation.’

The X-Rite Board of Directors is now comprised of nine members, including six current directors of X-Rite and three former directors of Amazys Holding AG.

‘I am confident that the new X-Rite Board of Directors and senior management team under the leadership of Michael Ferrara, CEO, will ensure that X-Rite excels in every aspect of the business.  The combined company is poised to lead the future of the color industry and maximize shareholder value,’ said John Utley, X-Rite Chairman.

The global headquarters for the combined entity is in Grandville, Michigan, with European Headquarters in Regensdorf, Switzerland, and Asia Pacific Headquarters in Hong Kong.