Xaar announces purchase of a majority holding in Xennia Technology Ltd by Royal Ten Cate n...
Xaar plc, the inkjet printing technology group headquartered in Cambridge, is pleased to announce that Xennia Technology Ltd, in which Xaar has a minority interest, has entered into an agreement with Royal Ten Cate nv ("Ten Cate") under which Ten Cate will purchase a 75% stake in the company from the founder and other management.
Xaar will retain its minority investment in Xennia and will partner with Ten Cate in its development of inkjet for the specialist textile and materials markets.
Based in the Netherlands, Ten Cate is a specialist textile and materials group listed on the NYSE Euronext Amsterdam stock exchange (stock code:KTC). Inkjet is an emerging technology in the printing of textiles and in the application of specialist coatings and other related production processes for the textile market.
Xaar has enjoyed a collaborative relationship with Xennia since June 2004, strengthened in September 2005 when Xaar acquired a minority interest in the company.
Commenting on the agreement, Xaar's Chief Executive, Ian Dinwoodie, said "I am pleased that Xennia has strengthened its position for the future through what is an innovative and collaborative agreement with Ten Cate. We already work with Ten Cate under an EU Framework project and we look forward to working more closely with them in the future and to establishing inkjet as a key production process for the textile and specialist materials market."
Ian Dinwoodie, Chief Executive
Nigel Berry, Group Finance Director & Deputy
Steve Liebmann or Simon Bloomfield
020-7367-8883 / 07802-888159
This information is provided by RNS
The company news service from the London Stock Exchange
Xaar is a world leader in the development of digital inkjet technology