Updated Oct. 27, 2025

The past two years have been active for the printing ink industry, its customers and suppliers. There have been some significant mergers and acquisitions in the ink industry since 2024. These mergers include Xerox acquiring Lexmark, hubergroup being acquired by MAVCO Investments and Avenue Capital, Sudarshan adding Heubach, and Amcor and Berry Global combining.

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Here are some of the key moves we are watching, beginning with the most recent; we will add to the list as new acquisitions are reported:

Acquiring Company: Hydrite
Acquired Company: Enterprise Specialty Products
Date of Acquisition: September 2025

Comments: Hydrite announces the acquisition of Enterprise Specialty Products, Inc. (ESP), effective Sept. 3, 2025. ESP, based in Laurens, SC, is a leading provider of foam control products for numerous markets, including water treatment, paints and coatings, adhesives, inks, construction and building materials, textiles, and other specialty chemical applications. The acquisition also marks Hydrite’s entrance into the Southeast US region, expanding Hydrite’s presence coast-to-coast.

Link to More Information:
Hydrite Adds Enterprise Specialty Products, Inc.

Acquiring Company: International Paper’s Global Cellulose Fibers Business
Acquired Company: American Industrial Partners
Date of Acquisition: August 2025

Comments: International Paper has reached a definitive agreement with American Industrial Partners (AIP) to sell its Global Cellulose Fibers (GCF) business for $1.5 billion, subject to closing adjustments, including the issuance of preferred stock with an aggregate initial liquidation preference of $190 million.

Link to More Information:
International Paper Announces Strategic Changes

Acquiring Company: INX International Ink Co.
Acquired Company: Servicom New Zealand Limited, Galaxy Inks & Coatings Australia Pty Ltd.
Date of Acquisition: May 2025

Comments: INX International Ink Co. has announced it has successfully completed the acquisition of Servicom New Zealand Limited. INX has also entered into a definitive agreement to acquire Galaxy Inks & Coatings Australia Pty Ltd. Servicom New Zealand, established in 2004 and led by founder Stephen Southon, has built a strong reputation as an innovative provider and the sole distributor of INX products in New Zealand. Galaxy Inks & Coatings Australia, founded in 1994 by Paul Hidajat and based in Sydney, is the exclusive distributor of INX products in Australia.

Link to More Information:
INX International Makes Acquisitions in New Zealand, Australia

Acquiring Company: Lorama
Acquired Company: Monteith, Waterfoot
Date of Acquisition: February 2025

Comments: Lorama Group Inc. has acquired the colorant dispersions business of DCL Corporation. This acquisition includes DCL’s manufacturing facilities in Ontario, Canada (Monteith) and Waterfoot, UK.

Link to More Information:
Lorama Acquires Monteith, Waterfoot Business from DCL Corporation

Acquiring Company: Xerox
Acquired Company: Lexmark
Date of Acquisition: December 2024 (Completed July 2025)

Comments: Xerox Holdings Corporation agreed to acquire Lexmark International, Inc., from Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre in a deal valued at $1.5 billion, inclusive of assumed liabilities. This acquisition will strengthen the Xerox core print portfolio and build a broader global print and managed print services business better suited to meet the evolving needs of clients in the hybrid workplace. The acquisition was completed in July 2025.

Link to More Information:
Xerox to Acquire Lexmark

Acquiring Company: MAVCO Investments, Avenue Capital
Acquired Company: hubergroup
Date of Acquisition: November 2024 (Completed April 2025)

Comments: hubergroup announced the signing of a sale and purchase agreement with a consortium between MAVCO Investments, a private investment vehicle belonging to select members of the Murugappa family, and funds managed by Avenue Capital Group, a global investment firm. The consortium will acquire all shares in the company from the current owner, Cornelius Treuhand Holding. The completion of the transaction is subject to the required regulatory approvals. The Print Solutions Division produces inks, varnishes and printing auxiliaries for packaging, commercial and newspaper printing. The Chemicals Division produces specialty chemicals such as resins, laminating adhesives, pigments and additives at its plants in India. hubergroup employs approximately 3,000 people in almost 30 countries and generated annual sales of around €812 million in 2022.

Link to More Information:
Hubergroup to be Acquired by MAVCO Investments, Avenue Capital

Acquiring Company: Amcor plc
Acquired Company: Berry Global Group
Date of Acquisition: November 2024 (Completed May 2025)

Comments: Amcor plc and Berry Global Group, Inc. announced they have entered into a definitive merger agreement, pursuant to which Amcor and Berry will combine in an all-stock transaction. Berry shareholders will receive a fixed exchange ratio of 7.25 Amcor shares for each Berry share held upon closing, resulting in Amcor and Berry shareholders owning approximately 63% and 37% of the combined company, respectively. The combination brings together two highly complementary businesses to create a global leader in consumer packaging solutions, with a broader flexible film and converted film offering for customers. The combined revenues are $24 billion and adjusted EBITDA of $4.3 billion, including run-rate synergies. The acquisition was completed in May 2025.

Link to More Information:
Amcor, Berry to Combine in All-Stock Transaction

Acquiring Company: INX International Ink Co.
Acquired Company: Coatings & Adhesives (C&A)
Date of Acquisition: November 2024

Comments: The INX Group Limited, a wholly owned subsidiary of Sakata INX, acquired Coatings & Adhesives Corporation (C&A), a player in the coatings industry in North America known for its specialty products. The newly formed entity, INX International Coatings and Adhesives, will operate as a sister company alongside INX International Ink Co., united under a single management group to deliver complementary ink and coating solutions to the packaging market.

Link to More Information:
INX Adds C&A, Creates INX International Coatings & Adhesives

Acquiring Company: Sudarshan Chemical
Acquired Company: Heubach Group
Date of Acquisition: October 2024 (Completed March 2025)

Comments: Sudarshan Chemical Industries Limited (SCIL) announced that it has entered into a definitive agreement with the Germany-based Heubach Group, on its acquisition in a combination of an asset and share deal. It will enhance SCIL’s product portfolio, giving it access to customers and a diversified asset footprint across 19 sites globally. The combined company will be led by Rajesh Rathi. The Heubach Group has a 200-year history and became the second largest pigment player in the world after its integration with Clariant in 2022. Heubach had over a billion euros in revenue in FY21 and FY22, with a global footprint especially in Europe, Americas, and the APAC region. The aquisition was completed in March 2025.

Link to More Information:
Sudarshan Chemical to Acquire Heubach Group

Acquiring Company: Oak Street Ventures
Acquired Company: J.M. Fry Printing Inks
Date of Acquisition: October 2024

Comments: After serving the North American market for more than 87 years, J.M. Fry Printing Inks is now under new ownership. Oak Street Ventures LLC is the new owner, led by the father and son team of Jerry Mosley (chairman of the board) and Michael Mosley (president and CEO).

Link to More Information:
New Ownership at J.M. Fry Printing Inks

Acquiring Company: Epson
Acquired Company: Fiery
Date of Acquisition: September 2024 (Completed December 2024)

Comments: Fiery, LLC, a leading innovator of digital front ends (DFEs) and workflow software, announced that Fiery’s ownership has entered into an agreement with Seiko Epson Corporation, whereby Epson will acquire Fiery from Siris Capital Group, LLC (Siris, together with its affiliates, including Electronics for Imaging, Inc.) in a transaction valued at approximately $591 million. The acquisition was completed in December 2024.

Link to More Information:
Fiery to be Acquired by Epson for $591 Million

Acquiring Company: International Paper
Acquired Company: D.S. Smith
Date of Acquisition: April 2024 (Completed February 2025)

Comments: International Paper and DS Smith Plc announced that they have reached agreement on the terms of a recommended all-share combination, creating a global leader in sustainable packaging solutions. The terms will result in pro forma ownership of 66.3 percent for IP shareholders and 33.7 percent for DS Smith shareholders, indicating a transaction value of approximately $9.9 billion. The combination is expected to close by the fourth quarter of 2024. Pro forma 2023 combined revenues were approximately $28.2 billion and combined adjusted EBITDA of approximately $4.1 billion. The merger was completed in February 2025.

Link to More Information:
International Paper Announces Agreement to Acquire DS Smith

Acquiring Company: ALTANA
Acquired Company: Silberline
Date of Acquisition: January 2024

Comments: ALTANA has entered into an agreement to acquire the Silberline Group, a specialist in effect pigments that had sales of $80 million in 2022. This move, once completed, will expand ALTANA’s ECKART Division, most notably in North America and Asia. Terms were not disclosed.

Link to More Information:
ALTANA to Add Silberline, Expand Global Presence in Effect Pigments