Packaging, labelling, and speciality clear coatings provider Innovative Chemical Products Group (ICP) has acquired Hi-Tech Coatings division from Heidelberger Druckmaschinen.

Hi-Tech Coatings will join ICP Industrial Solutions Group (ISG). It will strengthen ICP ISG’s position in global-packaging markets.

The transaction will add new production facilities in the UK, the Netherlands and an additional facility in the US to ICP Group’s portfolio.

The facilities produce more than 1,000 water-based and UV-based coatings. The deal includes the transfer of 60 employees to ICP’s ISG unit.

ICP Group CEO Doug Mattscheck said: “When the sale is finalised, ICP ISG will have additional services, resources and solutions to offer not only its own customers but those of Hi-Tech Coatings as well.

“The acquisition will also allow us to expand our product offerings within the high-performance water-based and ultraviolet-curable coatings and expand our international customer base in Europe, the Middle East and Asia-Pacific regions.”

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For Heidelberg, the sale is part of the company’s plan to concentrate on ‘core activities and portfolio adjustments’.

The deal is valued at €38.5m ($42m) and is expected to be completed later this year. The transaction is subject to meeting customary closing conditions.

Heidelberg CEO Rainer Hundsdörfer said: “As part of our portfolio analysis and concentration on our core activities, we have come to the conclusion that we are withdrawing from our own production of packaging and printing coatings.

“We will use the funds released as a result to push ahead with strategic investments for the future on the path to our digital transformation.”