XSYS has announced the signing of an agreement to acquire the MacDermid Graphics Solutions business and the appointment of a new CEO. The transaction involves purchasing certain shares and assets from subsidiaries of Element Solutions Inc. (NYSE: ESI), including MacDermid Graphics Solutions, for an enterprise value of approximately $325 million. The deal has received approval from the Boards of both companies and is pending regulatory approvals and customary closing conditions.
XSYS also reported a change in leadership. Outgoing CEO Oliver Dohn, who has been instrumental in driving profitable growth and setting strategic goals for XSYS, has decided to step down. The Board expressed gratitude for his contributions and wished him well in his future endeavors.
Dr. Alexander Unterschütz has been appointed as the new Group CEO. Dr. Unterschütz, who has a strong track record in leadership and growth strategies, previously led the Components business at Linde Engineering and worked as a management consultant at McKinsey & Company. The Board is confident that under his leadership, XSYS will continue to innovate and maintain its strong reputation with customers.
“I am delighted to join XSYS as its new CEO and together with the whole XSYS team support its continued success. I am also excited about the combination of XSYS and MacDermid. Both businesses have highly complementary geographic footprints and product portfolios, which will enhance XSYS’ product offering, service levels as well as drive innovations to serve our customers even better,” said Dr. Unterschütz.
Element Solutions’ President and CEO 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.”