CLEVELAND, March 3 /PRNewswire/ -- Noveon, Inc. announced today that it
has purchased key water-based overprint coatings technology and manufacturing
assets from Flint Ink Corporation as part of its strategy to expand its
performance coatings graphic arts product lines.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010523/CLW011LOGO-b )
"The graphic arts industry is very important to Noveon and this
acquisition strengthens our capability to serve customers in North America,"
said Steve Demetriou, Noveon president and chief executive officer.
The acquisition covers Flint Ink's water-based formulations with the
exception of MVTR, tobacco and security coatings, which Flint Ink will
continue to produce. As part of this agreement, Flint Ink will continue to
provide sales and service for the products and customers that are being
transferred to Noveon. Customers should see no change from the level of
service they have received in the past.
"This transaction combines Noveon's expertise in coatings manufacturing
and technology with Flint Ink's strong relationships in selling and servicing
printing and packaging applications," said Alex Williamson, Noveon graphic
arts business director.
Noveon is a leading global producer and marketer of technologically
advanced specialty chemicals for a broad range of consumer and industrial
applications. Noveon is headquartered in Cleveland, Ohio, with regional
centers in Brussels, Belgium, and Hong Kong. The company had sales in 2002 of
$1.1 billion and employs about 2,800 at office and manufacturing locations
around the world.
Headquartered in Ann Arbor, MI, Flint Ink is the largest American-owned
ink manufacturer in the world, and a global supplier of inks used in printing
and packaging applications.
This release contains forward-looking statements that relate to future
events or performance. These statements reflect the Company's current
expectations, and the Company does not undertake to update or revise these
forward-looking statements, even if experience or future changes make it clear
that any projected results express or implied in this or other Company
statements will not be realized. Furthermore, investors are cautioned that
these statements involve risks and uncertainties, many of which are beyond the
Company's control, which could cause actual results to differ materially from
the forward-looking statements. Important factors that may affect our
expectations, estimates or projections include:
* the effects of the substantial debt we have incurred in connection with
our acquisition of the Performance Materials Segment of Goodrich and our
ability to refinance or repay that debt;
* changes in customer requirements in markets or industries we serve;
general economic and market conditions;
* our access to capital markets and any restrictions placed on us by any
current or future financing arrangements;
* the effect of risks of investing in and conducting operations in foreign
countries, including political, social, economic, currency and
regulatory factors;
* changes in the price and supply of major raw materials; and
* the effect of fluctuations in currency exchange rates on our
international operations.
Further information about these risks can be found in the Company's
filings with the Securities and Exchange Commission.
Investors are cautioned not to place undue reliance on any forward-looking
statements contained herein, which speak only as of the date hereof. The
Company undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
SOURCE Noveon, Inc.
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Related links:
http://www.noveoninc.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20010523/CLW011LOGO-b
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/156774.html
CONTACT:
News Media, John Urbancic, +1-216-447-5733,
or Investors, Sean Stack, +1-216-447-6494, both of Noveon, Inc.
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