Esko-Graphics to be split and CEO to leave

Esko-Graphics (E-G) is being split up by its owner Kirkbi, which has sold the firms packaging wing to Danish private equity firm Axcel.

On completion of the deal chief executive Kim Graven-Nielsen will stand down, his role will pass to chief financial and chief operating officer Carsten Knudsen.

The firms did not disclose terms of the deal, which is expected to close by the end of the month.

E-G claimed the packaging wing, which is largely made up of the former Barco business, has been profitable for the last few years. It expected net revenues to the end of 2005 to be 74.5m (110m), up 12% on 2004. It also predicted earnings before interest and tax would exceed 8%.

Kirkbi will retain the small offset division of the firm while looking for an industry partner to develop this side of the business.

The small offset wing, which is sold in the UK by Apex Digital Graphics produces polyester platesetters and associated workflow. It also sells a version of HighWater's B2 metal platesetter the Python as the PlateDriver Compact.