Ink jet and laser technology company Domino Printing Sciences has announced a £5.7m deal to acquire ink jet specialist Citronex. Citronix, formed just four years ago, operates primarily in the food and beverage industry, its equipment used to apply identifying marks, sell-by dates and batch codes.
Citronix is now selling in over 30 countries and has an impressive growth record. Domino Group MD Nigel Bond says the company made the acquisition to further increase market share in its core business and enable access to a wider range of customers.
“Citronix has successfully established a position in the market for Continuous Ink Jet products and is demonstrating strong growth,” says Bond. “The Citronix brand will be retained and the business will continue to operate separately from Domino. Citronix was profitable in 2004, its first full year of trading, and we expect the acquisition to be earnings accretive from 2006.”
