Global Graphics agrees sale of URW Type Foundry GmbH
PRESS RELEASE – REGULATED INFORMATION
GLOBAL GRAPHICS AGREES SALE OF URW TYPE FOUNDRY GMBH
Cambridge (UK),18 May 2020 (08:00 CEST): Global Graphics PLC (Euronext: GLOG) announces today that it has agreed to sell the entire issued share capital of URW Type Foundry GmbH (“URW”) to Monotype GmbH (“Monotype”), a wholly owned subsidiary of Monotype Imaging Inc.
Completion of the sale is subject to certain closing conditions, which are expected to be met at the end of May 2020 (“Closing”). Consideration of €7.5 million plus/minus an adjustment for retained cash and working capital at Closing is payable in cash in instalments. €5 million is payable at Closing, €2 million is payable 12 months after Closing and €0.5 million is payable 24 months after Closing. Any adjustment in respect of the retained cash and working capital will be made after Closing. During the year ended 31 December 2019, URW contributed €4.03 million in revenue and €0.77 million in net profit to the Group’s results.
“For more than four years, URW has been a key part of the Global Graphics group of companies, so the decision to sell URW to Monotype was not something we took lightly,” explains Mike Rottenborn, CEO of Global Graphics PLC. “However, the core business of Global Graphics has moved closer to digital press manufacturers, while fonts are primarily marketed to designers and major brands. Monotype is the world leader in fonts and was already an important sales channel for URW’s type library, so their offer to acquire URW assures continuity for URW’s customers as well as an excellent value for the shareholders of Global Graphics.”
About Global Graphics
Through its operating subsidiaries, Global Graphics PLC (Euronext Brussels: GLOG) is a leading developer of platforms for digital inkjet printing and type design and development. Customers for digital inkjet technology include press manufacturers such as HP, Canon, Durst, Roland, Hymmen and Mark Andy. Those for font design include numerous international brands, from manufacturers such as Mercedes Benz and Siemens, to digital media and epublishing companies. Global Graphics PLC is headquartered in Cambridge UK. Its subsidiary companies are printing software developers Global Graphics Software; the type foundry, URW Type Foundry, and the industrial printhead driver solutions specialists, Meteor Inkjet; and the pre-press software specialists Xitron.
Graeme Huttley, Chief Financial Officer
Tel: +44 (0)1223 926472
Jill Taylor, Corporate Communications Director
Tel: +44 (0)1223 926489