Sun Chemical Group Coöperatief UA has purchased the remaining shares held by the Druckfarben Hellas Group in their South Eastern Europe region joint venture companies.
Sun Chemical's joint venture with Druckfarben Hellas Group was formed in 2012 when the publication divisions of each company were merged together in the South Eastern Europe region and formed five new legal entities named: Sun Chemical Publication Bulgaria, Sun Chemical Croatia, Sun Chemical Publication Greece, Sun Chemical Publication Romania and Sun Chemical Publication Serbia.
With annual sales over $30 million, these companies sell inks, coatings and consumables for publication, sheetfed, UV and screen graphics printers across Greece, Bulgaria, Cyprus, Romania, Serbia, Bosnia / Herzegovina, Montenegro, Croatia and Moldova.
"Sun Chemical has maintained a good relationship with Druckfarben Hellas Group for many years and have been equal partners in this successful joint venture," said Rudi Lenz, President and CEO of Sun Chemical. "This acquisition reinforces Sun Chemical and DIC's commitment to the growing South Eastern Europe market as these companies are the market leaders of printing inks and related products in a region where the economies are growing. We plan to continue operating with the current successful management team to bring our customers the quality products, excellent service and innovative solutions they expect from us."
George Karavasilis, Managing Director for Druckfarben Hellas, said: "Through the excellent cooperation of the two groups, its team dedication, as well as the product and service offerings, the joint venture successfully consolidated Sun Chemical's position in the region."
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