Element Solutions To Sell MacDermid Graphics Solutions For $325 Mln

(RTTNews) - Element Solutions Inc (ESI) Tuesday agreed to sell its flexographic printing plate business, MacDermid Graphics Solutions, to XSYS, a specialist provider in the flexographic printing industry, for about $325 million.

The MacDermid Graphics Solutions business transferring to XSYS constitutes substantially all of Element Solutions' Graphics Solutions reporting vertical.

An existing capital loss should offset nearly all taxable gains from this transaction.

Proceeds are expected to be used to further reduce leverage and for general corporate purposes. The transaction is expected to close in late 2024 or the first half of 2025 and regulatory approvals.

President and Chief Executive Officer Benjamin Gliklich commented, "MacDermid Graphics is a quality business that is non-core to Element Solutions' portfolio and long-term vision. XSYS represents a great home for its excellent team. Our portfolio going forward will be more focused and better positioned for even faster growth and greater cash flow conversion with a stronger balance sheet to pursue future growth opportunities in our core markets."