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Presstek, a leading manufacturer and marketer of environmentally responsible high tech digital imaging solutions for the graphic arts and laser imaging markets, has purchased Precision Lithograining Corporation of South Hadley, Massachusetts. Both parties have agreed to the closing conditions of the sale and have closed the transaction. This is the second significant business purchase by Presstek in a little over a fortnight, picking up bankrupt AB Dick late last month.Prior to Presstek’s acquisition, Precision Lithograining Corporation was one of the largest independent plate manufacturers in North America and Presstek’s manufacturing partner for its Anthem and Freedom printing plates. Precision’s plate product portfolio includes the chemistry-free Anthem, Freedom and Aurora plates, as well as other conventional and digital printing plates for both web and sheetfed printing applications.
The companies will maintain their respective operations, with Precision operating as a wholly owned subsidiary of Presstek.
Moosa Moosa, Presstek CFO, says, "The closing price is approximately US$12.3m and will be paid in cash. Presstek has no plans at the present time to initiate any stock offerings in connection with this acquisition or other acquisitions in progress."
Edward Marino, Presstek president and CEO, says, "We are very pleased to announce the closing of our acquisition of Precision. We believe this acquisition will provide Presstek with the capability to grow our chemistry-free and process-free market position, as well as leverage Precision’s strong conventional plate business. We would like to welcome Precision’s employees, customers and vendors into the Presstek family. We look forward to our future together."
