The Belgian manufacturer agreed to sell the division to Aurelius Group in a €92m (£78.7m at the time) deal nearly eight months ago, and had set a revised completion date of the first week of April due to the complexities around the separation.
Completion was announced today (4 April).
Agfa CEO Pascal Juéry described the sale of the Offset Solutions division as “an important step in our transformation journey”.
He said: “I want to thank all Offset Solutions employees for their professionalism, dedication and loyalty over the years and wish them all the best in the future. I am confident that with Aurelius, they will continue a track record of innovation and leadership.
“In turn, this transaction will allow Agfa to focus on other growing market segments, which is crucial for our future success,” Juéry stated.
Offset Solutions had been Agfa’s largest division, and a major turnaround in its performance saw the operation post sales up 4.2% to €779m in calendar year 2022, while adjusted EBITDA almost tripled, and went up from €12.4m to €35.7m.
Aurelius said the business had a global market share of around 20%, and was the market leader in Europe and Latin America.
Under its new owners, Offset Solutions will continue to supply Agfa with services and some specific consumables products, including film.
Its portfolio of products includes offset plates, graphic film, software, chemicals, equipment and services.
Offset Solutions is also poised to rebrand, with its new name expected to be revealed later this week.
Agfa’s continuing business for the graphic arts industry includes inkjet printing and inks for sign and display, and industrial applications as well as synthetic papers. The group acquired Inca Digital Printers in a €48m deal in the summer of 2022.
Its Digital Print & Chemicals wing had sales of €372m, and its other businesses in Healthcare and Radiology took the total for ongoing businesses to just under €1.08bn last year.
Agfa’s share price has gone up by 9.27% over the past week, and was at €2.83 at the time of writing (52-week high: €4.16, low: €2.44).
