Global Graphics PLC: Global Graphics Agrees Sale of URW Type Foundry GmbH
18 Mai 2020 - 8:00AM
Global Graphics PLC: Global Graphics Agrees Sale of URW Type
Foundry GmbH
PRESS RELEASE – REGULATED
INFORMATION
GLOBAL GRAPHICS AGREES SALE OF URW TYPE FOUNDRY
GMBH
Cambridge (UK),18 May 2020 (08:00
CEST): Global Graphics PLC (Euronext: GLOG) announces
today that it has agreed to sell the entire issued share capital of
URW Type Foundry GmbH (“URW”) to Monotype GmbH (“Monotype”), a
wholly owned subsidiary of Monotype Imaging Inc.
Completion of the sale is subject to certain
closing conditions, which are expected to be met at the end of May
2020 (“Closing”). Consideration of €7.5 million plus/minus an
adjustment for retained cash and working capital at Closing is
payable in cash in instalments. €5 million is payable at
Closing, €2 million is payable 12 months after Closing and €0.5
million is payable 24 months after Closing. Any adjustment in
respect of the retained cash and working capital will be made after
Closing. During the year ended 31 December 2019, URW
contributed €4.03 million in revenue and €0.77 million in net
profit to the Group’s results.
“For more than four years, URW has been a key
part of the Global Graphics group of companies, so the decision to
sell URW to Monotype was not something we took lightly,” explains
Mike Rottenborn, CEO of Global Graphics PLC. “However, the
core business of Global Graphics has moved closer to digital press
manufacturers, while fonts are primarily marketed to designers and
major brands. Monotype is the world leader in fonts and was
already an important sales channel for URW’s type library, so their
offer to acquire URW assures continuity for URW’s customers as well
as an excellent value for the shareholders of Global Graphics.”
About Global
Graphics
Through its operating subsidiaries, Global
Graphics PLC (Euronext Brussels: GLOG) is a leading developer of
platforms for digital inkjet printing and type design and
development. Customers for digital inkjet technology include press
manufacturers such as HP, Canon, Durst, Roland, Hymmen and Mark
Andy. Those for font design include numerous international
brands, from manufacturers such as Mercedes Benz and Siemens, to
digital media and epublishing companies. Global Graphics PLC
is headquartered in Cambridge UK. Its subsidiary companies
are printing software developers Global Graphics Software; the type
foundry, URW Type Foundry, and the industrial printhead driver
solutions specialists, Meteor Inkjet; and the pre-press software
specialists Xitron.
Contacts
Jill Taylor |
Graeme Huttley |
Corporate Communications
Director |
Chief Financial Officer |
Tel: +44 (0)1223 926489 |
Tel: +44 (0)1223 926472 |
Email: jill.taylor@globalgraphics.com |
Email: graeme.huttley@globalgraphics.com |