SAATI and IKONICS Sign Definitive Acquisition Agreement
DULUTH, Minn., Aug. 15, 2022 (GLOBE NEWSWIRE) — SAATI to acquire IKONICS businesses, reflects another step in SAATI’s growth strategy as pre-press global supplier for the screen printing market.
SAATI S.p.A. (“SAATI”) today announced that SAATI ADVANCED CHEMICALS, LLC, a newly formed South Carolina limited liability company fully owned by SAATI’s USA subsidiary, SAATI Americas Corp., has entered into a definitive agreement to purchase substantially all of the assets of IKONICS Corporation (“IKONICS”) held in connection with its four business divisions: Chromaline Screen Print Products, IKONICS Imaging, IKONICS Industrial Inkjet Solutions and IKONICS Advanced Material Solutions. IKONICS is a subsidiary of Nasdaq-listed company TeraWulf Inc. following a business combination between the two companies that was completed in December 2021.
SAATI is the parent company of a multinational group headquartered in Como, Italy, developing, manufacturing and distributing technical fabrics, and breathable membranes, chemicals and equipment for screen printing and other advanced niche markets, such as filtration (healthcare, water, food, process, automotive, appliances), consumer electronics and multi-threat protection. Founded in Italy in 1935, with 15 sites globally and approximately 1000 employees, SAATI is one of the main players in its target markets, developing solutions aimed at improving the life of every person every day. Innovation is present as a priority in every facet of the business starting with product development, and driving the approach to deliver continuous improvement across all functions.
In 2020 SAATI initiated an elaborate Sustainability Program that involves all aspects, activities and sites in the company, confirming that respect for people and environment is part of SAATI’s DNA.
IKONICS is a Minnesota corporation, and has been as an international leader in the development of imaging technologies for over 65 years. The company has introduced products and process solutions for a diverse array of imaging markets. IKONICS’ technical strengths have been concentrated on photochemistry and coated films. Its team of chemists and engineers have developed unique formulations and processes that bring proprietary and patented products to target markets. The resulting skills and product portfolio give IKONICS a strong IP base and advantage in its core markets and a platform on which to grow into new markets.
IKONICS products are broadly distributed on a global basis by a well-developed distributor network, and over the years those partnerships have earned a well-deserved reputation as both an innovator and dependable supplier in the markets they serve.
The objective of the transaction is to combine SAATI’s and IKONICS’s complementary and leading solutions in screen printing and imaging businesses across the different market segments, leveraging the natural commercial and operational synergies.
The acquisition also aims at developing a common R&D roadmap for leading edge and sustainable solutions for screen printing and imaging applications.
“We couldn’t be more thrilled and inspired to be joining forces with the Ikonics team and their distribution network to accelerate our growth initiatives and continue to drive innovation and value to the markets we serve together,” said Wayne LaBrie, General Manager of SAATI Americas Corp.
“Combining the strengths of SAATI and IKONICS will clearly benefit our distributors and customers,” said Ken Hegman, Chief Operating Officer of IKONICS. “Integrating operations will widen our range of products and increase operational efficiencies to improve availability. Blending our technical teams will accelerate innovation to the benefit of printers worldwide. We are excited to offer all of these enhancements with the same loyal service and delivery.”
The transaction is expected to close by August 15, 2022.
Contact: Ken Hegman, C.O.O.
Phone: 218-628-6434
Email: khegman@ikonics.com
