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  • 04 Oct 2021

Armor acquires IIMAK

Armor Group has acquired IIMAK (International Imaging Materials) to reinforce its position as one of the global market leaders in designing and producing thermal transfer ribbons.

Armor Group has acquired IIMAK (International Imaging Materials) to reinforce its position as one of the global market leaders in designing and producing thermal transfer ribbons.

The combined thermal transfer activity will operate under the name of Armor-IIMAK with consolidated revenues of more than USD 400 million. With a history for both companies dating back to the 1980s through a shared license from the Japanese company Fujicopian until 1998, Armor has enjoyed strong growth in Europe, with IIMAK similarly benefiting in the US. Armor-IIMAK now has 1,650 employees producing over 2.5bn sqm of thermal transfer ribbons.

Hubert de Boisredon, chairman and CEO of the Armor Group, said: ‘Convinced of its strategic importance, I have actively pursued this merger and am especially proud today to be able to announce this acquisition. Our main objective will be to unify our strengths to benefit our customers, partners and employees.  I am absolutely delighted with this major acquisition, signaling a new dawn for the whole of Armor. It opens up new horizons throughout the group, not only for Armor-IIMAK but for all other divisions.’

The two companies are joining forces with multiple objectives, including strengthening their North and South America presence and offering customers a more comprehensive product portfolio. The new entity will also leverage joint technological development to enhance existing products, rapidly develop new ones, and reduce their carbon footprint through optimized logistics.

Christian Lefort, who only recently joined the Armor Group, will be leading the entity. Doug Wagner, CEO of IIMAK, has been appointed president of Armor-IIMAK Americas. He will play a vital role in the integration process and the realization of the synergies within the new entity, especially in the Americas. 

Christian Lefort, CEO of Armor-IIMAK, commented: ‘The paths of our two companies, both historical market leaders in thermal transfer technology, cross once again and will now be irrevocably united. This merger will benefit all our customers and external partners, as well as our employees. I am both delighted and honored to lead this merger with the full support of everyone at IIMAK and Armor.’

Doug Wagner added: ‘I am pleased we were able to make this historic merger a reality. The combination of our two companies results in a strong global organization which will create new value for our customers and new opportunities for our employees. We are excited to be part of this new journey as Armor-IIMAK.’

Through this merger, the new entity will enjoy global industrial coverage via three coating sites, one in each of its regions (Americas, Asia and Europe), and nearly twenty slitting sites. 

Anjali Jolly, partner at Acon Investments, IIMAK’s controlling shareholder, commented: ‘We want to thank the management team of IIMAK under the leadership of CEO Doug Wagner for a great partnership during our three years of ownership. We wish Armor-IIMAK much future success.’

This deal has been conducted with support from PwC and JonesDay, also includes the Fluid Inks industrial activities of IIMAK but excludes its medical contract manufacturing business, iiMED. The financial terms of the transaction are confidential.


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