Element Solutions Inc Announces Completion of Sale of MacDermid Graphics Solutions
Element Solutions Inc (NYSE:ESI) ("Element Solutions"), a global and diversified specialty chemical technology company, today announced the close of the sale of its flexographic printing plate business, MacDermid Graphics Solutions ("MGS"), to XSYS, a global specialist provider in the flexographic printing industry, for an enterprise value of approximately $325 million. An existing capital loss should offset nearly all taxable gains from this transaction. Net proceeds are expected to be used to further reduce leverage and for general corporate purposes. The sale agreement was announced on September 3, 2024.
President and Chief Executive Officer Benjamin Gliklich commented, "This transaction improves Element Solutions' portfolio across all key metrics and leaves us with a balance sheet that is as strong as it has been since we founded the company. We are excited about the opportunities for value accretive capital allocation ahead. On behalf of the Board and leadership team at ESI, I would like to express my deep gratitude to the great team at MGS who contributed meaningfully to our company for many years and wish them the very best for their compelling next phase."
About Element Solutions
Element Solutions Inc is a leading global specialty chemicals company whose businesses supply a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, these innovative solutions enable customers' manufacturing processes in several key industries, including consumer electronics, power electronics, semiconductor fabrication, communications and data storage infrastructure, automotive systems, industrial surface finishing, and offshore energy.
More information about the Company is available at www.elementsolutionsinc.com.
Forward-Looking Statements
This press release contains forward-looking statements related to, without limitation, the anticipated tax treatment and use of proceeds of the transaction as well as opportunities for capital allocation. These statements, based on information available as of the current date, are believed to be reasonable, though are inherently difficult to predict. Actual results could differ materially from those projected as a result of certain factors, such as factors included in Element Solutions' public filings. Element Solutions undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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Investor Relations Contact:
Varun Gokarn
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Element Solutions Inc
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Collected Strategies
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