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Dutton Initiates Coverage on Baldwin Technology Company

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Baldwin  printing - heatset web  mergers & acquisitions 
Baldwin Technology Company a leading global manufacturer of printing press accessories and control equipment, says that international issuer-paid equity research firm Dutton Associates has initiated a “buy” recommendation on the basis of a research report it has just released. In its report, Dutton analyst Wayne Lottinville described Baldwin as "an impressive, well-run operation with significant prospects."

The report says Baldwin "is reclaiming its market position as the worldwide leading supplier of accessories and controls for the commercial and newspaper printing press industries. Early results in this reincarnation are impressive, with sales rising over the past two fiscal years at a compound annual rate of 13.6% to $US173 million in the financial year of 2005. Operating and net income have moved solidly into the black. Over the same period, operating cash flows surged at an annualised rate of 127% to $US14 million. Management has leveraged the company’s burgeoning cash position to renegotiate and pay down debt, increasing the company’s financial capacity and strength."

The report adds that: "Expectations of continued global economic expansion favour the projected increases in Baldwin’s sales, as the company improves its presence in fast-forward emerging markets and takes advantage of printers’ capital expenditures. The trend for printers in developed markets is to update and retool their presses to improve productivity, reduce raw materials waste, and better address the industry trends. . ."

The remainder of the report provides a detailed look at the company’s products, markets and business models.

Baldwin Technology Company is a manufacturer of printing press accessories and controls for the commercial and newspaper printing industries including cleaning systems, fluid management and ink control systems, web press protection systems and drying systems.

The company has its headquarters in Shelton, Connecticut and sales and service centres, product development and manufacturing operations in the Americas, Asia and Europe.

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