Global Graphics Plc: Global Graphics Agrees Sale Of Urw Type Foundry Gmbh
18 May 2020 - 4:00PM
UK Regulatory
TIDMGLOG
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 EUR7.5 million plus/minus an adjustment for retained
cash and working capital at Closing is payable in cash in instalments.
EUR5 million is payable at Closing, EUR2 million is payable 12 months
after Closing and EUR0.5 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 EUR4.03 million in revenue and EUR0.77 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
https://www.globenewswire.com/Tracker?data=ZNDJ4A_a06KVz14uTZvemk7rDSB9A28m_Q_QVpRMx6dyogWefh76slYKPv9w1Vt86lzkC2DsMJa8lPyuBkR8iXvtDqgOn4nF07aq6JXIIL4=
(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
https://www.globenewswire.com/Tracker?data=ZNDJ4A_a06KVz14uTZvemif8vDsVuU2_QLOph7AgPHgSys-R1LcDYa9jgI5MQ_EbVnBEDEU7hOAg0HIAYYmy-pgx5x9UM7URt0E2aqTnbtWBmpkhBHHBgXEU57TWWqZXbimvY8_j1xYfcURgKo53GQ==
; the type foundry, URW Type Foundry
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, and the industrial printhead driver solutions specialists, Meteor
Inkjet
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; and the pre-press software specialists
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Xitron.
Contacts
Jill Taylor Graeme Huttley
Corporate Communications Director Chief Financial Officer
Tel: +44 (0)1223 926489 Tel: +44 (0)1223 926472
Email: mailto:jill.taylor@globalgraphics.com?subject=Press%20release%20enquiry Email: mailto:graeme.huttley@globalgraphics.com?subject=Press%20release%20enquiry
jill.taylor@globalgraphics.com graeme.huttley@globalgraphics.com
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