Acquisition Adds Complementary Product Identification Technologies
and Opens New Geographic Markets
WEST WARWICK, R.I.--(BUSINESS WIRE)--
AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization
technologies, today announced the signing by its wholly owned Danish
subsidiary, ANI ApS, of a definitive agreement to acquire Trojanlabel
ApS, a European manufacturer of products including digital color label
presses and specialty printing systems for a broad range of end markets.
The purchase price is DKK 63.6 million (approximately $9 million), with
an additional earn-out potential of DKK 32.5 million to 48.7 million
(approximately $5 million to $7 million), subject to closing
adjustments. The acquisition is subject to customary closing conditions
and is expected to close at the beginning of February 2017. Excluding
acquisition-related expenses, the acquisition is expected to be
accretive to AstroNova’s earnings in the first 12 months of combined
operation.
“The acquisition of Trojanlabel dovetails with our strategy of
identifying strong, profitable and growing businesses that directly
complement one of our core lines of business,” said Gregory A. Woods,
AstroNova’s President and Chief Executive Officer. “Trojanlabel has
grown rapidly to become one of the leading manufacturers in the digital
color label printer market. Their products are well known for their
innovative design and superior performance. Trojanlabel has an extremely
talented R&D group that will help further accelerate our own product
development process. We’re excited about bringing Trojanlabel’s team,
innovative technology and outstanding products into the AstroNova
family.”
Trojanlabel’s major product lines include standalone digital color label
presses; digital color print station OEM modules for intermediate-volume
markets such as print shops, label converters, manufacturers, brand
owners, contract packaging and the secondary labels/logistics market;
and an overprinting system that enables high-quality, 4-color printing
on surfaces such as uncoated papers, cardboards and materials that are
pre-treated for aqueous inkjet printing. The company also manufactures a
table-top system designed for on-demand color-label printing. Founded in
2012, Trojanlabel is based in Copenhagen, Denmark.
“Trojanlabel will expand our leadership position in the digital color
label printer market, adding high-performance color label presses to
AstroNova’s tabletop printer products and creating significant
cross-selling opportunities,” Woods said. “This acquisition also
substantially expands our European manufacturing base and broadens the
geographic footprint of our Product Identification business,
complementing our strong North American direct sales force with
Trojanlabel’s formidable dealer network in Africa, Asia, Europe and the
Middle East.”
“We are excited about becoming part of the AstroNova team,” said
Trojanlabel Managing Director Mikkel Wichmann. “Our companies not only
align perfectly from a technology standpoint, but also share similar
operating cultures. Like AstroNova, much of our success can be
attributed to staying close to our customers and tightly managing
product development and manufacturing processes to ensure a short time
to market, and a focus on creating products that are cost-effective for
a broad range of users and industries.”
Following completion of the acquisition, Trojanlabel will operate as an
indirect wholly owned subsidiary of AstroNova.
About AstroNova
AstroNova, Inc. (NASDAQ: ALOT), a global leader in data visualization
technologies, designs, manufactures, distributes and services a broad
range of products that acquire, store, analyze and present data in
multiple formats. The Product Identification segment offers a variety of
hardware and software products and associated consumables that allow
customers to mark, track and enhance the appearance of their products.
Major brands include QuickLabel®, the industry leader in onsite digital
color label printing. The Test and Measurement segment includes the T&M
Product Group, which offers a suite of products and services that
acquire, record and analyze electronic signal data from local and
networked sensors. The Test and Measurement segment also includes a line
of Aerospace Products such as printers, networking hardware and related
accessories. These products are used in the aircraft flight deck to
print flight plans, navigation information, and performance data and in
the aircraft cabin to print maintenance data, receipts and passenger
manifests. AstroNova is a member of the Russell Microcap® Index and the
LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is
available by visiting www.astronovainc.com.
Forward-Looking Statements
Information included in this news release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are not statements of
historical fact, but rather reflect our current expectations concerning
future events and results. These statements may include the use of the
words “believes,” “expects,” “intends,” “plans,” “anticipates,”
“likely,” “continues,” “may,” “will,” and similar expressions to
identify forward-looking statements. Such forward-looking statements,
including those concerning growth through acquisitions, involve risks,
uncertainties and other factors, some of which are beyond our control,
which may cause our actual results, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. These risks, uncertainties, and factors
include, but are not limited to, those factors set forth in the
Company’s Annual Report on Form 10-K for the fiscal year ended January
31, 2016 and subsequent filings AstroNova makes with the Securities and
Exchange Commission. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. The reader is cautioned not
to unduly rely on such forward-looking statements when evaluating the
information presented in this news release.
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Source: AstroNova, Inc.