Water-based textiles ink supplier MagnaColours has been acquired by US specialised and sustainable materials company Avient Corporation for $48m (£34.9m).
The deal, which was completed yesterday (1 July) after Avient approached MagnaColours with the opportunity, will see the Barnsley-based company’s materials join Avient’s existing specialty inks portfolio, alongside brands such as Wilflex and Rutland.
“Magna represents an important investment in sustainable solutions, as brand owners seek alternatives to legacy technologies,” said Avient Corporation chairman, president and CEO Robert Patterson.
“We are thrilled to have Magna join Avient. We expect our collective inks portfolio will grow substantially as the threat of Covid subsides, people can safely attend sporting and other live events in person, and travel increases.”
Founded in 1978, Magna provides high-performance inks with sustainability benefits to major brands and screen printers. The business employs 50 staff, who have all been kept on and will remain based at the company’s current premises.
MagnaColours managing director Helen Parry told Printweek: “This is about building a more global presence for the brand. It’s very much business as usual for us; we’re keeping the same distribution channels, and nobody will have any changes to what brands they carry.
“Everything remains the same, it just gives us potentially more financial assistance as we grow, for whatever we need.”
Magna chairman Tom Abbey added: “While growing Magna, I had a goal to revolutionise the industry and promote sustainable options – our proven technology accomplishes that.
“With Avient, I have found a leader aligned with our sustainability values to take us to the next level and truly globalise the business. Avient was the clear choice, and I’m thrilled for Magna to begin its next chapter.”
With expected 2021 revenues of $4.3bn, Avient Corporation employs around 8,400 staff.