Business
AstroNova Strengthens its Position in the Color Digital Package Printing Market with the Acquisition of MTEX NS
Adds Portugal-based Leader in Label, Packaging, and Direct-to-Film Printing Solutions Highlights Transaction adds key market adjacencies to Product
About this update from Astronova, Inc.
[{"type":"text","content":"\nAdds Portugal-based Leader in Label, Packaging, and Direct-to-Film Printing Solutions \n\n\nHighlights\n\n\n\nTransaction adds key market adjacencies to Product Identification segment\n\n\n\nMTEX NS becomes a wholly owned subsidiary of AstroNova\n\n\n\nCompany to host conference call for investors at 3:00 p.m. ET today\n\n\n\n WEST WARWICK, R.I.--(BUSINESS WIRE)--\nAstroNova, Inc. (Nasdaq: ALOT) (“AstroNova” or the “Company”), a global leader in data visualization technologies, today announced that on May 6, 2024, it acquired MTEX NS, S.A. for a total enterprise value of €24.3 million. Additionally, the transaction provides for up to a €4 million earnout payable to the seller over three years based on the achievement of specified revenue growth targets. AstroNova expects the transaction to add an additional $8 million to $10 million in revenue in this fiscal year.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240508469869/en/\n“MTEX NS is a highly innovative manufacturing and technology development company whose multiple lines of industrial grade products significantly expand our Product Identification portfolio. MTEX NS brings multiple complementary market adjacencies while broadening our addressable customer base and geographic reach,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “Recently, MTEX NS introduced a breakthrough printer for direct-to-film (DTF) transfers that enables printing on a wide variety of materials including fabrics, leather, and hard-surface materials. The acquisition also further expands our sustainable packaging capabilities, such as recycled cardboard printing and environmentally friendly, water-based inks.\n\n\n“The MTEX NS team possesses broad and deep inkjet and UV piezo technology experience, allowing the company to consistently develop and deliver highly differentiated, color digital printers that provide customers with industry-leading speed and quality,” Woods said. “This experience will add to and complement our own technical expertise.”\n\n\nHeadquartered in a vibrant technology hub outside of Porto, Portugal, MTEX NS operates an 81,000-square-foot engineering and manufacturing center and has strong distributors in Europe, the Middle East, and North and South America.\n\n\nMTEX NS’s industrial printing so...