Ink manufacturer acquired by US giant for £35m
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US-headquartered Avient Corporation, a listed global provider of specialised and sustainable material solutions, has acquired Barnsley-based Magna Colours for $48m/£35m.
Magna offers sustainable, water-based inks technology for the textile screen printing industry.
The MagnaColours® materials will join Avient’s existing specialty inks portfolio, alongside prominent brands such as Wilflex® and Rutland®.
Robert M Patterson, chairman, president and CEO of Avient Corporation, said: “Magna represents an important investment in sustainable solutions, as brand owners seek alternatives to legacy technologies.
“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 has pioneered the development of next-generation water-based ink technology that provides innovative and high-performance solutions for leading brands and screen printers.
Tom Abbey, chairman of Magna, said: “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.”
A KPMG team led by Giles Taylor and Nathan Potton advised Magna Colours’ shareholders on the sale.