EFI has acquired privately-held Cretaprint S.L. based in Castellón, Spain, a leading developer of inkjet printers for ceramic tile printing.
"As evidenced by our record revenues, we are benefitting from strong traction in our industrial inkjet segment and are excited about expanding into the ceramic tile market, which represents a tremendous growth opportunity for EFI," said Guy Gecht, CEO of EFI. "We have been tracking the swift transformation from analogue to digital technology in tile imaging for quite some time, and have been deeply impressed with the fast growth and global leadership position of Cretaprint."
"We are extremely excited to join EFI and look forward to leveraging EFI's Silicon Valley high-tech DNA, inkjet expertise, workflow, and colour management," said Victor Blasco, CEO of Cretaprint. "EFI's global presence will accelerate the adoption of our digital technology across the globe and especially in emerging markets."
Industry analysts continue to project rapid growth in ceramic tile inkjet printing, as noted by Dr Ray Work, Work Associates. "The tile industry is moving towards inkjet," said Dr Work. "The financial incentives are so great that the entire industry is converting rapidly to inkjet. The ceramic tile manufacturer can pay back their investment in an inkjet digital press for ceramic tiles in as little as six months." *
The Specialty Graphic Imaging Association (SGIA) conducts annual membership surveys. Their 2011 Industrial Printing Survey Report indicates that over 75 percent of its members utilise digital printing and also consider ceramic tile printing to be a strong market opportunity.
EFI will use its extensive knowledge of inkjet technology to enhance Cretaprint's quality of output, software control, colour management and more. EFI's digital experience and award winning imaging technology in combination with Cretaprint's leading ceramic tile printing will provide the industry with expanded offerings, superior workflow software and a worldwide support network that will expand Cretaprint's reach worldwide.
EFI plans to strengthen Cretaprint's operations in Spain, to further their expertise and innovation within the tile industry and to grow their market presence. "As a pioneer in the digitisation of the print industry, EFI is expanding into lucrative new markets. The ceramic tile industry can greatly benefit from our innovative portfolio of technologies," said Ghilad Dziesietnik, Chief Technology Officer of EFI. "We look forward to sharing our success with Cretaprint's 1,700-plus global customer network and expanding their talented employee base in Castellón."
Fourth Quarter 2011 Preliminary Results
Separately, EFI provided preliminary results for the fourth quarter of 2011, ended December 31. For the fourth quarter the company expects record revenues of approximately $163 million compared to $145 million in the fourth quarter of 2010, marking EFI's eighth consecutive quarter of double digit growth. The company noted that the results were driven by record revenue in both the Inkjet and APPS/MIS segments.
