Adds Portugal-based Leader in Label, Packaging,
and Direct-to-Film Printing Solutions
Highlights
- Transaction adds key market adjacencies to Product
Identification segment
- MTEX NS becomes a wholly owned subsidiary of AstroNova
- Company to host conference call for investors at 3:00 p.m. ET
today
AstroNova, Inc. (Nasdaq: ALOT) (“AstroNova” or the “Company”), a
global leader in data visualization technologies, today announced
that on May 6, 2024, it acquired MTEX NS, S.A. for a total
enterprise value of €24.3 million. Additionally, the transaction
provides for up to a €4 million earnout payable to the seller over
three years based on the achievement of specified revenue growth
targets. AstroNova expects the transaction to add an additional $8
million to $10 million in revenue in this fiscal year.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240508469869/en/
“MTEX NS is a highly innovative manufacturing and technology
development company whose multiple lines of industrial grade
products significantly expand our Product Identification portfolio.
MTEX NS brings multiple complementary market adjacencies while
broadening our addressable customer base and geographic reach,”
said Greg Woods, AstroNova’s President and Chief Executive Officer.
“Recently, MTEX NS introduced a breakthrough printer for
direct-to-film (DTF) transfers that enables printing on a wide
variety of materials including fabrics, leather, and hard-surface
materials. The acquisition also further expands our sustainable
packaging capabilities, such as recycled cardboard printing and
environmentally friendly, water-based inks.
“The MTEX NS team possesses broad and deep inkjet and UV piezo
technology experience, allowing the company to consistently develop
and deliver highly differentiated, color digital printers that
provide customers with industry-leading speed and quality,” Woods
said. “This experience will add to and complement our own technical
expertise.”
Headquartered in a vibrant technology hub outside of Porto,
Portugal, MTEX NS operates an 81,000-square-foot engineering and
manufacturing center and has strong distributors in Europe, the
Middle East, and North and South America.
MTEX NS’s industrial printing solutions address four areas of
the digital printing market:
- Packaging: Professional wide-format and dual-sided
printing on corrugated boxes and paper used in applications such as
healthcare, logistics, and e-commerce
- Flexible Packaging: Flexible package printing on a range
of substrates including thermoplastic polymers, multilayer
materials, and paper for healthcare, food and beverage, and other
applications
- Color Labels: High-speed, professional color label
printing and finishing that provide all-in-one solutions for
in-house or commercial printing
- Textiles: Innovative printing solutions developed for
transfer film, that can transfer images to a wide range of
materials
MTEX NS will operate as a wholly owned subsidiary of AstroNova.
The entire MTEX NS team is expected to continue under the current
brand and management structure, with Elói Ferreira continuing to
serve as Chief Executive Officer. Ferreira stated, “Since our
inception in 2011, we have challenged the status quo of the global
printing industry in our served markets, building a reputation for
excellence with customers in approximately 100 countries around the
world. We are proud to continue that journey as part of AstroNova
and are excited about the many opportunities ahead.”
Woods added, “For more than a decade, MTEX NS has been at the
forefront of the digital packaging printing market. The company’s
state-of-the-art manufacturing center is a model of cost efficiency
and one of the most advanced factories of its kind in Europe. MTEX
NS has built strong relationships with packaging and labeling OEMs
covering a broad range of commercial printing and packaging
applications. By combining the strengths of our technology and
go-to-market teams, we expect to see MTEX NS execute its aggressive
growth objectives. We are thrilled to welcome Elói and the entire
MTEX NS team to the AstroNova family.”
To see many of the latest AstroNova and MTEX NS printers in
action, the companies invite you to visit their large, combined
booth in Hall 5 at Drupa 2024, which takes place from May 28 to
June 7, 2024, in Düsseldorf, Germany.
The transaction was funded with borrowings from an amended
version of the Company’s existing senior bank debt facilities.
The Current Report on Form 8-K disclosing this transaction and
the amended credit agreement was filed concurrently with the
issuance of this news release.
Investor Conference Call
AstroNova management will host a conference call for investors
at 3:00 p.m. ET today to discuss the transaction. To participate in
the conference call, please dial 833-470-1428 (U.S. and Canada) or
404-975-4839 (International) approximately 10 minutes prior to the
start time and enter Conference ID350024. Presentation slides will
be accessible on the website ahead of the call.
A real-time and an archived audio webcast of the call will be
available through the “Investors” section of the AstroNova website,
https://investors.astronovainc.com.
About MTEX NS
MTEX NS, founded in 2011 and headquartered in Vila Nova de
Famalicão, Portugal, is a global leader in digital printing
technology. The company offers advanced digital solutions for
textiles, packaging, and labeling, combining engineering creativity
with a steadfast commitment to sustainability.
MTEX NS has 81,000 square feet of facilities, including laser
cutting, bending, welding, CNC centers, a painting unit, software
and electronics development, allowing the highest standards of
quality and certification in the entire manufacturing process.
The company’s seasoned R&D team, boasting over 10 years of
MTEX experience, in addition to product development, partners with
global knowledge hubs like universities and research centers. These
collaborations focus on disruptive, high-value projects, ensuring
MTEX NS remains an innovation leader.
Learn more at www.mtexns.com.
About AstroNova
AstroNova (Nasdaq: ALOT), a global leader in data visualization
technologies since 1969, designs, manufactures, distributes, and
services a broad range of products that acquire, store, analyze,
and present data in multiple formats.
The Product Identification segment provides a wide array of
digital, end-to-end product marking and identification solutions,
including hardware, software, and supplies for OEMs, commercial
printers, and brand owners. The Test and Measurement segment
provides products designed for airborne printing solutions,
avionics, and data acquisition. Our aerospace products include
flight deck printing solutions, networking hardware, and
specialized aerospace-grade supplies. Our data acquisition systems
are used in research and development, flight testing, missile and
rocket telemetry production monitoring, power, and maintenance
applications.
AstroNova is a member of the Russell Microcap® Index and the LD
Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is
available by visiting https://astronovainc.com/.
Forward-Looking Statements
Information included in this news release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are not statements of historical fact, but rather
reflect our current expectations concerning future events and
results. These statements may include the use of the words
“believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,”
“continues,” “may,” “will,” and similar expressions to identify
forward-looking statements. Such forward-looking statements,
including those concerning the Company’s anticipated performance,
involve risks, uncertainties and other factors, some of which are
beyond our control, which may cause our actual results, performance
or achievements to be materially different from those expressed or
implied by such forward-looking statements. These risks,
uncertainties and factors include, but are not limited to, (i) the
risk that we may not be able to realize the expected benefits from
our acquisition of MTEX NS, (ii) the risk that the growth
objectives for MTEX NS may not be achieved, and (iii) those factors
set forth in the Company’s Annual Report on Form 10-K for the
fiscal year ended January 31, 2024 and subsequent filings AstroNova
makes with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The reader is cautioned not to unduly
rely on such forward-looking statements when evaluating the
information presented in this news release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508469869/en/
Scott Solomon Senior Vice President Sharon Merrill Advisors
(857) 383-2409 ALOT@investorrelations.com
AstroNova (NASDAQ:ALOT)
Historical Stock Chart
From May 2024 to Jun 2024
AstroNova (NASDAQ:ALOT)
Historical Stock Chart
From Jun 2023 to Jun 2024