BRC - Brady Corporation Plans to Acquire Gravotech Holding | Benzinga
MILWAUKEE, March 15, 2024 (GLOBE NEWSWIRE) -- Brady Corporation (NYSE:BRC) ("Brady") announced today that it has entered into exclusive negotiations to acquire Gravotech Holding ("Gravotech") for approximately EUR 123 million (approximately USD 133 million). Brady expects to fund the transaction with cash on hand as well as with borrowings on its existing credit agreement, and expects to close the transaction by the end of its fiscal year ending July 31, 2024, subject to prior completion of the information-consultation processes under French law and closing conditions, including regulatory clearances.
Gravotech, with sales of EUR 112 million (approximately USD 121 million) in the year ending December 31, 2023, is a leader in specialized marking and engraving solutions intended for a variety of industries and applications. Gravotech was founded in 1938 and is headquartered in Lyon, France. Gravotech is a leader in the design, manufacture and distribution of innovative solutions for specialized engraving, marking and cutting, offering laser, mechanical engraving, scribing and dot peen capabilities. It manufactures machines and consumables and develops CAD software, and has an international presence in the U.S., Latin America, Europe and Asia-Pacific. Brady is a leader in high-performance industrial printers and adhesive materials, and the acquisition of Gravotech will add specialized direct part marking and engraving capabilities to Brady's extensive product identification offering.
"Gravotech is a highly regarded France-based company that is well-known globally for its innovative and differentiated solutions," said Brady's President and Chief Executive Officer, Russell R. Shaller. "The planned acquisition of Gravotech expands our product offering into precision direct part marking and engraving, with a product offering complementary to Brady's. We would intend to grow Gravotech's addressable market through Brady's global footprint throughout Europe, Asia and the ...