Updated Oct. 27, 2025 The past few years have been active for the printing ink industry, its customers and suppliers, as mergers and acquisitions have become fairly commonplace. Well-known industry players such as hubergroup, Gleitsmann Security Inks, Silberline, EMI Mills and Phoseon Technology were acquired. Most recently, Xerox acquired Lexmark, hubergroup was acquired by MAVCO Investments and Avenue Capital, and Amcor and Berry Global combined. Dive Deeper: Sign Up To Be An Industry Insider 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:

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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.

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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

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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

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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

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Acquiring Company: Xerox Acquired Company: Lexmark Date of Acquisition: December 2024 Comments: Xerox Holdings Corporation announced it has 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

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Acquiring Company: MAVCO Investments, Avenue Capital Acquired Company: hubergroup Date of Acquisition: November 2024 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

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Acquiring Company: Amcor plc Acquired Company: Berry Global Group Date of Acquisition: November 2024 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

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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 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

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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

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Acquiring Company: Epson Acquired Company: Fiery Date of Acquisition: September 2024 (UPDATE: 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

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Acquiring Company: Weilburger Graphics Acquired Company: Stahl Group Date of Acquisition: August 2024 Comments: WEILBURGER Graphics, a manufacturer of varnishes, inks and adhesives for graphic arts, is about to be taken over by the Stahl Group, provided the usual approvals are granted. This will strengthen the Stahl Group’s coatings business for flexible materials such as paper and board. The merger will also enable global expansion in the graphic arts industry, from which customers will benefit. Link to More Information: WEILBURGER Graphics GmbH Acquired by Stahl Group

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Acquiring Company: Global New Material International Holdings Ltd Acquired Company: Merck KGaA, Darmstadt, Germany Date of Acquisition: August 2024 Comments: Merck KGaA, Darmstadt, Germany, signed an agreement to sell its global Surface Solutions business unit to Global New Material International Holdings Ltd. for €665 million in cash. Surface Solutions offers pigment solutions used in coating, industrial and cosmetic applications. The business unit generated sales of € 411 million in 2023. Link to More Information: Merck to Sell Surface Solutions Business Unit to GNMI

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Acquiring Company: Sonoco Acquired Company: Eviosys Date of Acquisition: June 2024 Comments: Sonoco Products Company announced it has entered into an agreement to acquire Eviosys, Europe’s leading food cans, ends and closures manufacturer, from KPS Capital Partners, LP for approximately $3.9 billion. Eviosys has the largest metal food can manufacturing footprint in the EMEA region, with approximately 6,300 employees in 44 manufacturing facilities across 17 countries. Sonoco estimates Eviosys’s 2024 revenues will be approximately $2.5 billion and its 2024 adjusted EBITDA will be approximately $430 million. Link to More Information: Sonoco to Acquire Eviosys for $3.9 Billion

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Acquiring Company: DuPont Date of Acquisition: May 2024 Comments: DuPont announced a plan to separate into three distinct, publicly traded companies. Under the plan, DuPont would execute the proposed separations of its Electronics and Water businesses in a tax-free manner to its shareholders with New DuPont continuing as a premier diversified industrial company following completion of the separations. Link to More Information: DuPont to Separate into Three Independent, Publicly Traded Companies

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Acquiring Company: International Paper Acquired Company: D.S. Smith Date of Acquisition: April 2024 (UPDATE: 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

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Acquiring Company: BAE Systems Acquired Company: Ball Corporation Date of Acquisition: February 2024 Comments: Ball Corporation completed the sale of its aerospace business to BAE Systems for approximately $5.6 billion. Ball used its share repurchase authorization programs and quarterly dividends to accelerate the return of value to shareholders as well as reduce net debt. Link to More Information: Ball Completes Sale of Aerospace Business

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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 

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Acquiring Company: Muller Martini Acquired Company: Hunkeler Group Date of Acquisition: December 2023 Comments: Müller Martini Holding AG has acquired all of the shares of the Hunkeler Group in a merger of two post-print paper processing specialists. Terms were not disclosed. Link to More Information: Muller Martini Adds the Hunkeler Group

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Acquiring Company: Excelitas Technologies Acquired Company: Heraeus Noblelight Date of Acquisition: October 2023 Comments: Excelitas Technologies Corp. announced that it has signed a definitive agreement with Heraeus Group to acquire Heraeus Noblelight, which specializes in the development and manufacture of specialty light sources and solutions, from ultraviolet to infrared. Terms were not disclosed. Link to More Information: Excelitas Technologies to Acquire Heaeus Noblelight

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Combining Companies: Smurfit Kappa and WestRock Date of Acquisition: September 2023 Comments: The boards of Smurfit Kappa and WestRock announced the signing of a definitive transaction agreement to create Smurfit WestRock, a global leader in sustainable packaging. Together, Smurfit Kappa and WestRock generated combined last twelve months’ adjusted annual revenue of approximately $34 billion as of June 30, 2023, which would make Smurfit WestRock the largest listed global packaging partner by revenue. Link to More Information: Smurfit Kappa, WestRock to Combine

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Acquiring Company: Schold Manufacturing Acquired Company: EMI Mills Date of Acquisition: August 2023 Comments: Schold Manufacturing acquired EMI Mills, a specialist in bead mills, mixers, and dispersers for small samples up to full-scale production volumes. This strategic acquisition will add to Schold’s product offering. Terms were not disclosed. Link to More Information: Schold Manufacturing Adds EMI Mills

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Acquiring Company: One Rock Capital Partners, LLC Acquired Company: Constantia Flexibles Date of Acquisition: July 2023 Comments: Constantia Flexibles is the world’s third-largest producer of flexible packaging. One Rock Capital Partners is a private equity firm with $6 billion in cumulative capital commitments. Constantia Flexibles was sold by Wendel or a price that yields net proceeds of €1,097 million. Link to More Information: Wendel to Sell Constantia Flexibles to One Rock Capital Partners

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Acquiring Company: IN Groupe Acquired Company: Gleitsmann Security Inks Date of Acquisition: July 2023 Comments: IN Groupe, a French-headquartered global specialist in identity and secured digital services, announced that it has agreed to acquire 100% of the shares of Gleitsmann Security Inks GmbH (GSI) from hubergroup Deutschland GmbH for an undisclosed consideration in cash. GSI is a leading global manufacturer of high security printing inks and associated auxiliaries.Terms were not disclosed. Link to More Information: IN Groupe Acquires Gleitsmann Security Inks from hubergroup

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Acquiring Company: Precision Ink Corporation Acquired Company: Gans Ink’s Energy Curable, Sublimation, and Security Ink Divisions Date of Acquisition: April 2023 Comments: Family-owned Precision Ink has acquired all intellectual property related to Gans Ink’s Energy Curable, Sublimation, and Security Ink Divisions, including formulations, raw material specifications, processing techniques, and QC methodology. Terms were not disclosed.

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Acquiring Company: Apollo Funds Acquired Company: Univar Solutions Date of Acquisition: March 2023 Comments: A leading global distributor, Univar Solutions had 2022 sales of $8.265 billion. Apollo Funds is a high-growth, global alternative asset manager with approximately $600 billion in assets. The transaction includes a minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Ther transaction values Univar at $8.1 billion. Link to More Information: Univar Solutions to Be Acquired by Apollo Funds for $8.1B

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Acquiring Company: Toyo Ink SC Holdings Co., Ltd. Acquired Company: Thai Eurocoat Ltd Date of Acquisition: March 2023 Comments: Toyo Ink SC Holdings is the fifth-largest ink manufacturer globally, with $1.21 billion in sales in 2022. Thai Eurocoat Ltd. is the top manufacturer of external coatings for non-printed cans in the Thai canned food market. Terms were not disclosed. Link to More Information: Toyo Ink Group Acquires Thai Eurocoat

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Acquiring Company: Excelitas Technologies Acquired Company: Phoseon Technology Date of Acquisition: February 2023 Comments: Excelitas Technologies is focused on delivering photonic solutions for the illumination, optical, optronic, sensing, detection and imaging markets. Phoseon is a pioneer in the design and manufacture of LED-based industrial curing and scientific illumination solutions. Terms were not disclosed. Link to More Information: Excelitas Technologies Acquires Phoseon Technology

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Acquiring Company: Siris Capital Group LLC Acquired Company: Fiery Date of Acquisition: January 2023 Comments: Fiery, which provides leading Digital Front End (DFE) technology for production and industrial printing, has been separated from Electronics For Imaging, Inc. (EFI) and established as a separate company that will operate independently while remaining owned by EFI’s owner, Siris Capital Group LLC. Link to More Information: Fiery to Separate from EFI, Remain Wholly-Owned by Siris

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