Multi-Color Corporation (MCC) is delighted to announce the acquisition of Italian wine label specialist La Cromografica. MCC has entered into a binding agreement to acquire 100% ownership of La Cromografica for a purchase price of approximately Euro 8.3 million, payable in cash with an expected closing on April 1, 2011.
Located in the heart of Tuscany in Florence, Italy, La Cromografica specializes in high quality wine labels for Italian premium wines. The company's revenues were approximately USD 11 million (Euro 8 million) in 2010 with profitability consistent with MCC's other wine label printing operations. The acquisition is expected to be immediately accretive.
"The acquisition perfectly complements our existing Italian business, Guidotti Centrostampa, by providing short run technology solutions common to our wine label businesses in the USA, France, Australia and South Africa. We know La Cromografica's
type of business extremely well and have been impressed by Guidotti Centrostampa's performance and the opportunities in the Italian wine market. This is a perfect match for us," said Nigel Vinecombe, MCC President & CEO.
La Cromografica's management and team will continue to run the business from their current Florence location with General Manager, Marco Caciotti reporting to European President, Andrea Guidotti.