Page 24 - PWM2024_November EBook

NEWS GLOBAL

IN BRIEF Sale of K&B’s

James Cropper has lined
up a new CEO to replace
Steve Adams, who will step
down next year. Adams ChromaCUT High Tech
joined the group in 2017 as
managing director of its
Paper division, and took The South Korean com- best-selling machines on the
over as CEO in August 2022. pany Sambo Corrugated
He intends to retire and market. „We are always
step down in early 2025. Board is investing in a implementing new ideas.
James Cropper said that following a rigorous search process ChromaCUT High Tech
it had appointed his successor – David Stirling will join as from Koenig & Bauer Modern technologies and
CEO designate in January and will become CEO after a hand- Celmacch. The Koenig &
over period with Adams. Stirling is a chartered accountant Sambo Corrugated Board invests functions in combination
and was most recently the long-serving CEO at £127m turno- Bauer Celmacch rotary die with simple and intuitive
ver listed cellular materials group Zotefoams PLC. He worked cutter ordered by Sambo will 100 %. We also looked at
at the company for 27 years, initially joining as finance be installed by the end of operation characterise our
director. Stirling has also been a non-executive director at many machines in Europe
Macfarlane Group since the beginning of this year. James 2025. and were able to gain a very machines“, explains Luca
Cropper non-executive chair Mark Cropper thanked Adams “We had a clear idea about good insight into how well
for his contribution to the group. the new machine. Thanks to the machines from Koenig & Celotti, Managing Director
The print and packaging intensive and trusting discus- Bauer produce.” at Koenig & Bauer Celmacch.
industry has reacted with sions with Koenig & Bauer With a range of new tech- Koenig & Bauer is a glob-
scepticism to chancellor Celmacch, it quickly became nological features, the High
Rachel Reeves’ new budg- clear to us that the Tech series has been continu- ally active printing press
et, hailed as a “new manufacturer headquartered
dawn” for the British ChromaCUT High Tech ously developed in recent
economy. The budget, would meet our expectations years, making it to one of the in Würzburg (Germany).
which Reeves has branded
as a sober attempt to
“restore economic stability” through “fixing the founda- Xerox misses Q3 targets
tions” of the British economy, was in large part aimed at
redressing the UK government debt and investing in key Shares in Xerox have of expectations. high: $19.78). The shares
areas of the economy. Thanks to Labour’s pledge to only
borrow in order to invest, and its guarantee to voters that it tanked after the group Sales at its biggest busi- have lost more than 50% of
would not raise taxes on ‘working people’, the budget has missed its quarterly sales ness unit, Print & Other, their value since the begin-
instead seen Reeves increase tax on business, wealth, pri- forecasts again, and down- were down 7.5% at nearly ning of the year.
vate schools, and tighten belts across departments. While graded its outlook for this $1.46bn, although profits at
there was surprise at the extent of the £40bn tax hike, CEO Steve Bandrowczak
which followed months of discussion over the alleged year and beyond.In its Q3 the wing were up 4.7% at said the firm’s ‘Reinvention’
£22bn ‘black hole’ left in government finances, the meas- results for the three months $67m. Adjusted operating
ures have been met with little enthusiasm. ended 30 September Xerox margins increased to 5.2% plans involved multiple
reported sales down 7.5% at (2023: 4.1%). workstreams and a multi-
Park Communications has year journey. He asserted:
acquired fellow London $1.53bn (£1.18bn), with The net loss was $1.2bn ”We will ultimately get to
print firm Geoff Neal Group delays around two new including a $1bn goodwill
– expanding continental products contributing to the impairment charge. Xerox’s our end goal.”
owner Graphius Group’s situation. This was the sev- share price fell to a 52-week Xerox also agreed to sell
presence in the UK market. enth consecutive quarter low of $8.02 on yesterday’s its EMEA paper business to
Park Communications was where sales have fallen short announcement (52-week Antalis during the period.
acquired by ¤123m turno-
ver Ghent-headquartered Graphius Group in the summer
Geoff Neal founded his eponymous printing business in ECO3 acquires UK service company
of 2022, and the Geoff Neal deal marks its second UK buy.
1976. Neal retired in 2016 and today the £10.8m turnover ECO3 has acquired UK and ensures that our newspa-
company is helmed by his son, Sam Neal, who became company Direct-to-Plate
managing director in 2005 and subsequently CEO. Geoff (DtP) Ltd., a well-established per, commercial and packag-
Neal, which trades as Geoff Neal Printworks, is located in ing customers in the UK
Feltham near Heathrow Airport; while Park Communications service and support provider remain assured of the best
is on the opposite side of the capital, in Beckton close to to the UK printing industry.
City Airport. Both firms specialise in high-end print produc- The deal that was signed last possible after sales support
tion with a strong sustainability ethos. Each will retain their week will strengthen ECO3’s It buys Direct-to-Plate Ltd available.”
existing locations and leadership teams. Park service network in the UK. With immediate effect, the
Communications had sales of £15.5m in the year to 31 total prepress solutions we
December 2023. The business is run by managing director Commenting on the acqui- bring to market. Customers former DtP team will be inte-
Alison Branch and CEO Heath Mason. Mason told Printweek: sition, ECO3’s Global Head around the globe trust on grated into ECO3 UK head
“When Graphius bought us we could see that the industry of Sales & Service, Frederik ECO3 for the support of their
really did need consolidation, and being together in a Dehing said: “Providing consumables, equipment and office in Derbyshire. The
partnership where you can benefit from each other’s excellent services has always software. This acquisition terms of the acquisition have
strengths and that’s how we see it still.
been an integral part of the enforces our organization not been made public.
22 PrintWeek MENA November 2024 www.printweekmena.com